Used as a building block in organic synthesis, particularly in the preparation of complex cyclic structures and macrocyclic compounds. Its rigid eight-membered ring with two hydroxyl groups in a 1,5-orientation allows for selective functionalization and ring-modification reactions. Employed in the development of ligands for catalysis and in the synthesis of specialty polymers where conformational control is important. Also explored in medicinal chemistry for scaffold design due to its three-dimensional structure and stability.