This compound is primarily utilized in the field of organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various bioactive molecules, particularly in the synthesis of spirocyclic compounds, which are known for their unique structural properties and potential therapeutic applications. Its spirocyclic structure makes it valuable in the design of drugs targeting neurological disorders, as it can mimic certain natural ligands in the brain. Additionally, it is explored in material science for creating novel polymers with specific mechanical and chemical properties. Its carboxylic acid group allows for further functionalization, enabling the creation of diverse derivatives for research and industrial applications.