Used in organic synthesis as a precursor for the production of macrocyclic compounds, which are essential in creating complex molecules like crown ethers and cryptands. These compounds have applications in molecular recognition and ion transport studies. It also serves as an intermediate in the manufacture of specialty chemicals, including fragrances and pharmaceuticals, where its structure allows for the formation of specific ring systems. Additionally, it is utilized in research for developing new materials with potential applications in nanotechnology and advanced polymers.