This compound is primarily used in organic synthesis as an intermediate for the production of various pharmaceuticals and fine chemicals. Its structure makes it valuable in the development of compounds with potential biological activity, particularly in the creation of indane derivatives. These derivatives are often explored for their therapeutic properties, such as anti-inflammatory, analgesic, or antimicrobial effects. Additionally, it serves as a building block in the synthesis of complex organic molecules, contributing to advancements in medicinal chemistry and drug discovery. Its utility in research and development highlights its importance in creating novel compounds for potential therapeutic applications.