2-Indanol is primarily used as an intermediate in the synthesis of various pharmaceuticals and organic compounds. It plays a key role in the production of chiral ligands and catalysts, which are essential in asymmetric synthesis, enabling the creation of enantiomerically pure substances. This is particularly valuable in the development of drugs, where specific enantiomers often exhibit desired biological activity. Additionally, 2-Indanol is utilized in the preparation of fragrances and flavors due to its unique structural properties. Its derivatives are also explored in materials science for the development of advanced polymers and coatings.