This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules. Its cyclopropane ring structure is particularly valuable in medicinal chemistry, as it can mimic peptide bonds or introduce rigidity into molecular structures, enhancing drug stability and binding affinity. Additionally, it is employed in the synthesis of chiral compounds, aiding in the production of enantiomerically pure substances for use in asymmetric catalysis or drug development. Its applications also extend to material science, where it contributes to the design of novel polymers with specific mechanical or chemical properties.