This compound is primarily used in the synthesis of fine chemicals and pharmaceuticals due to its unique cyclobutane structure, which can impart specific stereochemical properties to the final product. It serves as a key intermediate in the development of active pharmaceutical ingredients (APIs), particularly in the creation of drugs targeting neurological and inflammatory conditions. Additionally, its stereochemistry makes it valuable in asymmetric synthesis, enabling the production of enantiomerically pure compounds. In research, it is utilized to study cyclobutane ring systems and their reactivity, contributing to advancements in organic chemistry and drug design.