Used as an intermediate in organic synthesis, particularly in the preparation of cyclobutane-based compounds for pharmaceuticals and agrochemicals. Its ketone and ester functionalities allow for selective reactions such as reductions, Grignard additions, and nucleophilic acyl substitutions. Commonly employed in the development of bioactive molecules where a strained cyclobutane ring is required to influence conformational rigidity and metabolic stability. Also utilized in fragrance synthesis due to its ability to act as a building block for more complex esters and ketones with olfactory properties.