This chemical is primarily used in organic synthesis as an intermediate for the production of more complex compounds. It serves as a building block in the development of pharmaceuticals, particularly in the creation of active pharmaceutical ingredients (APIs) that require cyclopentane structures. Additionally, it is utilized in the synthesis of fine chemicals and specialty materials, where its unique structure contributes to the desired properties of the final product. Its hydroxyl and ester functional groups make it a versatile reagent in various chemical reactions, including esterification and cyclization processes.