This chemical is primarily used in organic synthesis as a versatile intermediate. It is particularly valuable in the preparation of cyclopropane-containing compounds, which are important in pharmaceutical and agrochemical research. Its structure allows it to participate in various reactions, such as esterification and cyclopropanation, making it useful for constructing complex molecules. Additionally, it can serve as a precursor for the development of bioactive molecules, including potential drug candidates with applications in treating diseases. Its role in synthesizing fine chemicals and specialty materials further highlights its importance in industrial chemistry.