Used in the synthesis of fragrances and flavoring agents due to its unique terpene-like structure. Its rigid bicyclic framework contributes to olfactory properties, making it valuable in creating fresh, woody, or herbal scent notes in perfumery. Also explored as a chiral building block in pharmaceutical intermediates where stereochemistry plays a critical role in biological activity. The hydroxyl group allows for easy functionalization, enabling its use in esterification or oxidation reactions to generate derivatives with tailored sensory or reactivity profiles.