This chemical is primarily utilized in the field of organic synthesis, where it serves as a versatile intermediate for the preparation of more complex molecules. Its structure, featuring both a cyclopropene ring and a hydroxyethyl group, makes it particularly valuable in the development of pharmaceuticals and agrochemicals. The compound is often employed in the synthesis of bioactive molecules, where the cyclopropene moiety can impart unique reactivity and stability. Additionally, it finds application in the creation of polymers and coatings, where its functional groups can enhance material properties such as adhesion and flexibility. Researchers also explore its potential in medicinal chemistry for designing novel drug candidates, leveraging its ability to interact with biological targets effectively.