Used as a key intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its structure contains both ketone and ester functional groups, making it valuable for constructing complex molecules through reactions such as alkylations, reductions, and condensations. Commonly employed in the synthesis of cyclobutane-containing compounds, which are of interest in medicinal chemistry due to their metabolic stability and unique three-dimensional shape. Also utilized in the development of agrochemicals and specialty polymers where rigid ring systems enhance material properties.