This compound is primarily utilized in organic synthesis as a building block for more complex molecules. Its rigid cyclobutane ring structure makes it valuable in the design of pharmaceutical compounds, where it can influence the three-dimensional shape and stability of the final product. It is also employed in the development of polymers and materials with specific mechanical properties, as the cyclobutane ring can enhance rigidity and thermal stability. Additionally, it serves as a precursor in the synthesis of bioactive molecules and ligands for metal coordination chemistry, contributing to advancements in catalysis and material science.