Used primarily as an intermediate in organic synthesis, this compound serves in the development of pharmaceuticals and agrochemicals. Its structure allows for functionalization in multi-step reactions, making it valuable in creating complex molecules. It is also employed as a solvent or reagent in specialty chemical processes where stability under mild reaction conditions is required. Due to its aromatic and alicyclic components, it can act as a building block in materials science, particularly in the design of liquid crystals or functional polymers.