Used primarily as a building block in organic synthesis, especially in the development of pharmaceuticals and agrochemicals. Its strained oxetane ring offers unique reactivity, making it valuable for constructing complex molecules. It is also explored in medicinal chemistry as a bioisostere for carbonyl or ester groups, improving metabolic stability and solubility in drug candidates. Additionally, derivatives are investigated for use in materials science, particularly in photoresists and polymers with tailored thermal or optical properties.