This chemical is primarily used in organic synthesis as a versatile intermediate. It serves as a building block for the preparation of more complex molecules, particularly in the development of pharmaceuticals and agrochemicals. Its cyclobutane ring structure makes it valuable in creating compounds with specific steric and electronic properties, which are essential for drug design. Additionally, it can be employed in the synthesis of fine chemicals and specialty materials, where its functional groups allow for further modification and derivatization. Its applications also extend to research and development in medicinal chemistry, where it aids in the exploration of novel bioactive compounds.