Used in organic synthesis as an intermediate for pharmaceuticals and fine chemicals. Serves as a building block in the development of bioactive molecules, particularly in the preparation of analogs for medicinal research. Its structure supports functionalization at multiple sites, enabling use in ring transformations and cyclization reactions. Commonly applied in the study of neuroprotective agents and anti-inflammatory compounds due to its indanone core, which is prevalent in biologically active substances. Also utilized in material science for designing specialty organic semiconductors and fluorescent probes.