Used as an intermediate in organic synthesis, particularly in the preparation of cyclic compounds and functionalized alcohols. Its structure allows for selective reactions at the hydroxyl group or the double bond, enabling the formation of complex molecules in pharmaceutical and fine chemical industries. Commonly employed in ring-closing metathesis and hydrogenation reactions to produce saturated cyclic alcohols. Also serves as a building block in the synthesis of fragrances and specialty polymers due to its eight-membered ring framework.