This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is commonly employed in the preparation of cyclopropane derivatives, which are valuable in pharmaceutical research due to their unique three-membered ring structure. The compound is also used in the development of agrochemicals, where its structural properties contribute to the creation of active ingredients for crop protection. Additionally, it serves as a building block in the synthesis of fine chemicals and specialty materials, particularly in the field of medicinal chemistry for designing novel drug candidates. Its reactivity and functional groups make it a useful component in various cyclization and ring-opening reactions, aiding in the construction of complex molecular frameworks.