Used primarily as a reactive intermediate in organic synthesis, this compound serves in the preparation of complex molecules through ring-opening reactions. Its strained epoxide ring allows for nucleophilic attack, making it valuable in forming carbon-carbon and carbon-heteroatom bonds. It is employed in the synthesis of pharmaceuticals, agrochemicals, and specialty polymers where functionalized diphenyl-substituted structures are needed. Additionally, it acts as a building block in the development of ligands for catalysis and in the construction of novel organic materials with tailored electronic properties.