This compound is primarily utilized in organic synthesis as an intermediate for the production of more complex molecules. Its structure, featuring both a hydroxyl group and a carboxylate ester, makes it a versatile building block in the development of pharmaceuticals, particularly in the synthesis of bioactive compounds and drug candidates. The cyclobutane ring in its structure is of interest in medicinal chemistry due to its potential to enhance the stability and bioavailability of drug molecules. Additionally, it may be employed in the preparation of fine chemicals and specialty materials, where its unique ring system and functional groups can contribute to the desired properties of the final product.