This compound is primarily utilized in organic synthesis as a versatile building block for the creation of more complex molecules. It is often employed in the development of pharmaceuticals, where its cyclopropane ring and functional groups can be modified to produce biologically active compounds. Additionally, it serves as a precursor in the synthesis of various fine chemicals and specialty materials. Its unique structure allows it to participate in cycloaddition reactions, making it valuable in the field of medicinal chemistry for designing new drug candidates. Furthermore, it is sometimes used in the production of agrochemicals, contributing to the development of pesticides or herbicides with enhanced efficacy.