This compound is primarily utilized in organic synthesis as a versatile building block for the creation of more complex molecules. Its structure allows it to participate in various reactions, such as cycloadditions and ring-opening transformations, making it valuable in the development of pharmaceuticals and fine chemicals. Additionally, it serves as a precursor in the synthesis of cyclobutane derivatives, which are often explored for their potential biological activity. Its application extends to materials science, where it can be used to design polymers with specific properties, such as rigidity or flexibility, depending on the desired end product.