Used in organic synthesis as a building block for more complex molecules, particularly in the development of pharmaceuticals and fine chemicals. It serves as a precursor in the creation of cyclobutane derivatives, which are valuable in medicinal chemistry for designing drugs with specific biological activities. Additionally, it is employed in the production of polymers and specialty materials, where its unique structure can impart desirable properties such as rigidity or flexibility. Its hydroxyl groups also make it a useful intermediate in reactions involving esterification, etherification, or other functional group transformations.