This compound is primarily utilized in the synthesis of complex organic molecules, particularly in pharmaceutical research. Its unique bicyclic structure makes it a valuable intermediate for developing novel drugs, especially those targeting neurological disorders. Additionally, it is employed in material science for creating polymers with specific mechanical and thermal properties. Its ester functional group allows for further chemical modifications, making it versatile in organic synthesis. The compound is also explored in the development of bio-based chemicals and sustainable materials due to its potential for green chemistry applications.