This compound is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the production of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) that require cyclopentane-based structures. Its hydroxyl and ester functional groups make it a valuable building block for creating complex molecules, including those used in medicinal chemistry for drug discovery. Additionally, it finds application in the synthesis of fine chemicals and specialty compounds, where its unique structure contributes to the development of materials with specific properties. Its role in synthesizing chiral molecules is also noteworthy, as it can be used to introduce stereochemistry in organic reactions.