This compound is primarily utilized in organic synthesis as a versatile intermediate for the production of various pharmaceuticals and agrochemicals. Its structure allows for further functionalization, making it valuable in the development of complex molecules. It is often employed in the synthesis of indene derivatives, which are key components in the creation of anti-inflammatory and antiviral drugs. Additionally, it serves as a building block in the preparation of ligands for catalytic processes, enhancing efficiency in chemical reactions. Its application extends to material science, where it is used in the development of organic electronic materials due to its stable aromatic system.