Indane-5-carboxylic acid is primarily used in the synthesis of pharmaceuticals and organic compounds. It serves as a key intermediate in the production of various drugs, particularly those targeting neurological and cardiovascular disorders. Its structure is valuable in medicinal chemistry for designing molecules with specific biological activities. Additionally, it is utilized in research and development for creating novel compounds with potential therapeutic applications. The acid's derivatives are also explored in material science for developing advanced polymers and coatings.