This chemical is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the production of various bioactive compounds, particularly in the development of cyclobutane-based molecules. Its unique structure allows it to participate in cycloaddition reactions, making it valuable for creating complex ring systems. Additionally, it is explored in the design of potential drug candidates, especially in targeting enzymes or receptors where its cyclobutane core can enhance binding affinity. Its applications also extend to material science, where it contributes to the synthesis of novel polymers with specific mechanical or thermal properties.