This chemical is primarily utilized in the field of organic synthesis as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows for the development of compounds with potential biological activity, making it valuable in drug discovery processes. Additionally, it is employed in the synthesis of complex organic molecules, particularly in the development of indene-based derivatives that may exhibit therapeutic properties. Researchers also explore its use in material science for creating specialized polymers and coatings with unique properties. Its versatility in chemical reactions makes it a useful building block in both academic and industrial research settings.