Widely used in the synthesis of pharmaceutical intermediates, particularly in the development of chiral compounds and active pharmaceutical ingredients (APIs). It serves as a key building block in organic synthesis, especially in the creation of cyclobutane-based structures, which are valuable in medicinal chemistry. Additionally, it finds application in the production of fine chemicals and specialty materials, where its unique cyclic structure contributes to the design of molecules with specific biological or physical properties. Its role in asymmetric synthesis is also notable, enabling the production of enantiomerically pure compounds for research and industrial purposes.