This chemical is primarily used in the synthesis of polymers and resins, where it acts as a monomer or intermediate. It is particularly valuable in the production of polycarbonates and polyesters, contributing to the materials' durability and thermal stability. Additionally, it finds application in the pharmaceutical industry as a building block for creating complex molecules, including certain active pharmaceutical ingredients (APIs). Its unique structure also makes it useful in organic synthesis for constructing cyclic compounds and in the development of specialty chemicals for coatings and adhesives.