Used primarily as a synthetic intermediate in organic chemistry, this compound serves in the construction of complex ring systems found in pharmaceuticals and bioactive molecules. Its strained cyclobutane ring allows for unique reactivity, making it valuable in ring-expansion reactions and cycloadditions. It is also employed in the synthesis of fragrances and specialty ketones due to its aromatic and carbonyl functionality. Research applications include use in developing novel catalysts and studying stereochemistry in small ring compounds.