Used as an intermediate in the synthesis of fragrances and flavoring agents due to its cyclic structure and functional groups that can be modified. Its derivatives contribute to the creation of musk-like scents in perfumery. Also employed in research settings for developing novel organic compounds, particularly in pharmaceuticals where cyclopentane rings are structural motifs. Serves as a building block in asymmetric synthesis owing to its chiral center, enabling the production of enantiomerically pure substances.