Used in perfumery as a fragrance ingredient, particularly as a fixative to prolong the scent of volatile components in perfumes. It contributes a woody, amber-like aroma and is valued for its stability and ability to enhance the overall olfactory profile. Also serves as a chiral starting material in organic synthesis for the preparation of complex natural products and pharmaceuticals due to its rigid bicyclic structure. Its derivatives are explored in the development of bioactive compounds with potential therapeutic applications.