Used as an intermediate in organic synthesis, particularly in the pharmaceutical industry for constructing complex molecules. It serves as a building block in the preparation of bioactive compounds and functionalized indane derivatives. Its aldehyde group allows for various transformations such as condensation, reduction, and nucleophilic addition reactions, making it valuable in the development of drugs and fine chemicals. Also employed in the synthesis of fragrances and specialty polymers due to its rigid cyclic structure and reactivity.