This chemical is primarily utilized in organic synthesis as a versatile intermediate. It serves as a building block for the development of more complex molecules, particularly in pharmaceutical research. Its cyclopropane ring structure is valuable in creating compounds with potential biological activity, such as drug candidates targeting specific enzymes or receptors. Additionally, it is used in the study of stereochemistry and reaction mechanisms due to its unique three-membered ring, which can influence the outcome of chemical transformations. Its application extends to material science, where it contributes to the design of novel polymers or functional materials with tailored properties.