This chemical is primarily utilized in the field of organic synthesis, particularly in the development of chiral catalysts and ligands. Its unique spirobiindane structure makes it valuable for asymmetric synthesis, where it aids in the production of enantiomerically pure compounds. These compounds are essential in the pharmaceutical industry for creating drugs with high specificity and reduced side effects. Additionally, it is employed in materials science for designing advanced polymers and liquid crystals, contributing to the development of high-performance electronic displays and optical devices. Its methoxy and hydroxyl groups further enhance its reactivity and versatility in various chemical reactions.