Used primarily in organic synthesis, this compound serves as a versatile intermediate for the production of various pharmaceuticals and fine chemicals. Its structure allows it to participate in cycloaddition reactions, making it valuable in the development of complex organic molecules. Additionally, it is employed in the synthesis of agrochemicals, where its reactivity aids in creating compounds with specific biological activities. In the fragrance industry, it contributes to the formulation of certain aromatic substances due to its unique ester functional group. Researchers also utilize it in studies involving ring-opening reactions and polymerization processes.