Used as a key intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. Its reactive cyclopentene ring and ester functionality make it valuable for constructing complex cyclic structures. Commonly employed in carbonyl addition reactions, cyclizations, and palladium-catalyzed coupling reactions. Also utilized in the development of fragrances and flavoring agents due to its ester-derived aromatic characteristics. Its ring strain enhances reactivity in cycloaddition reactions, useful in creating polycyclic frameworks for medicinal chemistry.