Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of more complex cyclic structures. Its strained ring system makes it valuable in ring-expansion reactions and cycloaddition processes. It is also employed in the development of pharmaceuticals and agrochemicals where a substituted cyclobutane moiety is required. Due to its ketone functionality, it participates in nucleophilic addition reactions, enabling the introduction of various functional groups. Additionally, it finds use in fragrance synthesis, contributing to the creation of novel scent molecules in the flavor and fragrance industry.