This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the preparation of complex cyclobutane derivatives, which are valuable in the development of pharmaceuticals and agrochemicals. Its structure allows for further functionalization, making it a key component in the synthesis of biologically active compounds. Additionally, it can be used in material science for the creation of specialized polymers and coatings due to its ability to introduce cyclobutane rings into polymer chains, enhancing thermal stability and mechanical properties.