This chemical is primarily used in organic synthesis as an intermediate for the production of various pharmaceuticals and fine chemicals. It serves as a key building block in the development of compounds with potential biological activity, particularly in the synthesis of indane derivatives. These derivatives are often explored for their therapeutic properties, such as anti-inflammatory, analgesic, and anti-cancer effects. Additionally, it is utilized in the fragrance industry to create synthetic aromas due to its structural similarity to certain natural aromatic compounds. Its versatile structure makes it valuable in research and industrial applications for designing and optimizing new chemical entities.