This compound is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and agrochemicals. Its structure allows it to serve as a building block in the development of complex molecules, particularly in the synthesis of indene derivatives. These derivatives are often explored for their potential biological activities, including anti-inflammatory, antiviral, and anticancer properties. Additionally, it is employed in the research and development of novel materials, such as organic semiconductors, due to its aromatic and conjugated system. Its applications also extend to the fragrance industry, where it may be used as a precursor in the synthesis of aroma compounds.