Used as a key intermediate in organic synthesis, particularly in the preparation of cyclopentenone derivatives which are important building blocks for pharmaceuticals and natural products. Its reactive ketone and ester functional groups allow for diverse transformations, such as aldol condensations, Grignard reactions, and reductions, enabling the construction of complex ring systems. Commonly employed in the synthesis of prostaglandins and other bioactive molecules due to its five-membered cyclic framework. Also utilized in materials science for designing specialty monomers and functionalized polymers.