This compound is primarily utilized in organic synthesis, particularly in the development of pharmaceutical intermediates. Its structure, featuring a cyclobutyl ring and ester functional group, makes it a valuable building block for creating more complex molecules. It is often employed in the synthesis of bioactive compounds, including potential drug candidates targeting neurological disorders or inflammation. The hydroxyl group on the cyclobutyl ring allows for further chemical modifications, enabling the creation of diverse derivatives with specific biological activities. Additionally, it may be used in research to study ring strain and reactivity in cyclobutane-containing molecules, contributing to advancements in synthetic organic chemistry.