This chemical is primarily utilized in the synthesis of specialty polymers and resins due to its unique structure, which allows for the creation of materials with enhanced thermal stability and mechanical properties. It serves as a key intermediate in the production of crosslinking agents, which are essential in coatings, adhesives, and sealants to improve durability and performance. Additionally, it is employed in the development of pharmaceutical compounds, where its cyclopropane ring contributes to the structural complexity needed for drug design. Its bifunctional hydroxyl groups make it a versatile building block in organic synthesis, enabling the formation of various cyclic and acyclic compounds.