Used as a key intermediate in organic synthesis, particularly in the preparation of spirocyclic compounds. Its structure serves as a protected form of beta-keto acids, such as 2-oxocyclopentanecarboxylic acid, making it valuable in multi-step synthesis of pharmaceuticals and natural products. Commonly employed in the development of bioactive molecules where controlled release of carbonyl functionality is required. Also utilized in the synthesis of specialty polymers and as a building block in medicinal chemistry for constructing complex ring systems.