Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. Its structure allows it to participate in reactions that form complex cyclic compounds, making it valuable in the development of drugs targeting neurological and cardiovascular diseases. Additionally, it is utilized in the creation of flavoring agents and fragrances due to its ability to impart unique aromatic properties. In research, it acts as a precursor for studying reaction mechanisms and developing new synthetic pathways.