Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of anti-inflammatory and analgesic drugs. It plays a key role in creating complex organic compounds due to its unique bicyclic structure. Additionally, it is utilized in the production of fragrances and flavors, contributing to the creation of woody and musky scent profiles. In material science, it serves as a building block for polymers and resins, enhancing their stability and performance. Its versatility makes it valuable in both industrial and research applications.