Used in organic synthesis as a versatile building block for creating complex molecules, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the preparation of cyclobutene derivatives, which are valuable in medicinal chemistry for their potential biological activities. The compound is also employed in materials science for the design of novel polymers and coatings, leveraging its unique reactivity and structural properties. Additionally, it finds application in research as a reagent for studying cycloaddition reactions and other organic transformations.