This compound is primarily utilized in the synthesis of complex organic molecules, particularly in the development of fragrances and flavoring agents due to its unique structural properties. It serves as a key intermediate in the production of high-performance polymers and resins, contributing to their thermal stability and mechanical strength. Additionally, it is employed in the creation of specialty chemicals used in coatings and adhesives, enhancing their durability and resistance to environmental factors. In pharmaceutical research, it acts as a building block for designing novel drug candidates, especially in the development of compounds with potential neurological or anti-inflammatory effects. Its rigid tricyclic structure makes it valuable in material science for creating advanced materials with specific optical or electronic properties.