Used primarily as a synthetic intermediate in organic chemistry, this compound serves in the preparation of pharmaceuticals and agrochemicals. Its ester functionality and ring structure make it valuable in building complex molecules through reactions such as hydrolysis, reduction, or Grignard additions. It is also employed in the development of specialty chemicals where a substituted cyclopentane scaffold is required. Due to its methyl ester group, it can undergo transesterification or act as a precursor to carboxylic acids or alcohols in multi-step synthesis. Its application is mostly confined to research and development in medicinal chemistry and process optimization.