Used as a key intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the development of central nervous system agents. Its structure supports the creation of bioactive molecules due to the presence of reactive sites for functionalization. Commonly employed in research settings for the preparation of substituted indanes with potential therapeutic activity. Also utilized in the manufacture of fragrances and specialty organic compounds where a rigid cyclic framework with electron-donating methoxy group enhances stability and odor profile.