This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex chemical structures. Its unique bicyclic framework makes it valuable in the construction of pharmacologically active molecules, particularly in the synthesis of compounds with potential therapeutic effects. It is often employed in the preparation of heterocyclic compounds, which are crucial in drug discovery and development. Additionally, its structure allows for modifications that can lead to the creation of novel materials with specific properties, such as enhanced stability or reactivity. Researchers also explore its use in catalytic processes, where it can act as a ligand or precursor to catalysts in various chemical reactions.