Used as a key intermediate in the synthesis of pharmaceuticals and natural products, particularly in the preparation of substituted indanes and benzocyclic compounds. Its structure allows for functionalization at multiple sites, making it valuable in medicinal chemistry for developing bioactive molecules. Commonly employed in the creation of serotonin and dopamine receptor ligands due to its rigid framework that mimics aromatic ring systems in neuroactive drugs. Also utilized in the development of fragrances and specialty organic materials where a stable, aromatic backbone is required.