Used primarily in organic synthesis, it serves as a key intermediate in the preparation of various cyclobutane derivatives. Its application extends to the development of pharmaceuticals, where it is utilized in the construction of complex molecular structures. Additionally, it plays a role in materials science for the synthesis of polymers and other advanced materials. The compound is also employed in research settings to study ring strain and reactivity in small-ring systems, contributing to advancements in chemical kinetics and reaction mechanisms.