This chemical is primarily utilized in organic synthesis as a building block for more complex molecules. It is often employed in the development of pharmaceutical compounds, where its structure can be incorporated into drug candidates to enhance their biological activity or modify their pharmacokinetic properties. Additionally, it serves as a key intermediate in the synthesis of specialty chemicals and fine chemicals used in various industrial applications. Its unique cyclobutyl ring structure makes it valuable in the design of novel materials and polymers, contributing to advancements in material science.