Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of more complex bicyclic structures found in pharmaceuticals and agrochemicals. Its reactive chloromethyl group allows for easy functionalization, making it valuable in building blocks for drug discovery. It is also employed in the synthesis of specialty polymers and cross-linking agents due to its rigid bicyclic framework and reactivity. Additionally, it finds use in research settings for studying ring strain effects on reaction kinetics and stereochemistry.