Used primarily as a key intermediate in the synthesis of pyrethroid insecticides, which are widely applied in agriculture and household pest control due to their high efficacy and low mammalian toxicity. It also serves in the preparation of fragrances and flavoring agents, contributing to the development of musk-like scents in perfumery. Additionally, it finds use in organic synthesis for constructing complex cyclic compounds, particularly in pharmaceutical research where cyclopentane derivatives are prevalent.