This compound is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and fine chemicals. Its spirocyclic structure makes it valuable in the development of complex molecules, particularly in the synthesis of bioactive compounds. It is often employed in the preparation of chiral ligands and catalysts, which are essential in asymmetric synthesis to produce enantiomerically pure substances. Additionally, it finds application in the creation of fragrances and flavoring agents due to its unique structural properties that contribute to specific olfactory characteristics. Its stability and reactivity also make it suitable for use in polymer chemistry, where it can be incorporated into specialty resins and coatings.