This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its structure is particularly valuable in the development of pharmaceuticals, especially in the synthesis of compounds with potential anti-inflammatory or analgesic properties. Additionally, it is used in research settings to study its reactivity and potential applications in designing novel therapeutic agents. The compound's unique indane core also makes it a candidate for use in material science, particularly in the development of organic semiconductors or photoresponsive materials.