This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the preparation of complex cyclic compounds due to its unique structure, which combines a cyclobutane ring with functional groups that facilitate further chemical transformations. Researchers use it in the development of pharmaceuticals, particularly in the synthesis of bioactive molecules and drug candidates. Its hydroxyl and ester groups make it a valuable building block for constructing more intricate molecular architectures. Additionally, it finds application in material science for the creation of specialized polymers and coatings, where its cyclic structure contributes to enhanced stability and performance.