This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the production of various pharmaceuticals, agrochemicals, and fine chemicals due to its reactive methylene group and lactone structure. Its ability to participate in cycloaddition reactions makes it valuable for constructing complex molecular frameworks, particularly in the development of bioactive compounds. Additionally, it is used in polymer chemistry as a monomer for creating specialized polymers with unique properties. Its applications also extend to materials science, where it contributes to the synthesis of advanced materials with specific functional characteristics.