Used as a versatile intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It serves as a building block for creating complex molecules due to its oxetane ring, which can enhance the metabolic stability and bioavailability of drugs. Additionally, it is employed in the development of polymers and coatings, where its unique structure contributes to improved material properties such as flexibility and durability. Its applications also extend to the field of fine chemicals, where it is utilized in the synthesis of specialty compounds.