Used as a key intermediate in the synthesis of organophosphorus compounds, particularly in the development of pharmaceuticals and agrochemicals. Its unique bicyclic structure with reactive acetyl groups allows for selective functionalization, making it valuable in creating biologically active molecules. It is also employed in catalysis and ligand design for transition metal complexes, enhancing reaction efficiency in cross-coupling and hydrogenation processes. Additionally, its derivatives show potential in materials science for designing flame retardants due to the presence of phosphorus.