Used primarily as an intermediate in organic synthesis, especially in the production of fragrances and flavoring agents. Its structure allows for derivatization into aromatic compounds that contribute to the creation of musk-like scents in perfumery. It is also employed in the synthesis of pharmaceuticals where a substituted indanone framework is required. Due to its ketone functionality, it undergoes reactions such as reductions, condensations, and Grignard additions to build more complex molecules. Its stability and reactivity profile make it valuable in research and development of fine chemicals.