This compound is primarily utilized in organic synthesis as a building block for more complex molecules. Its structure, featuring both a hydroxyl and a carboxylic acid group, makes it a versatile intermediate in the production of pharmaceuticals, particularly in the development of drug candidates with cyclobutane rings. It is also employed in the creation of specialty chemicals and polymers, where its unique ring structure can impart specific properties to the final material. Additionally, it is used in research settings to study ring strain and reactivity in small cyclic compounds.