It is commonly used as a key intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. Its unique structure allows it to participate in cyclization and ring-opening reactions, making it valuable for constructing complex molecules. Additionally, it serves as a precursor in the development of polymers and specialty chemicals, where its reactivity can be harnessed to create materials with specific properties. In research, it is often employed in studies focused on developing new synthetic methodologies or exploring novel chemical pathways.