This compound is primarily utilized in organic synthesis as a versatile intermediate for the production of various pharmaceuticals and fine chemicals. Its unique structure makes it valuable in the development of indene-based compounds, which are often explored for their potential biological activities, including anti-inflammatory and anticancer properties. Additionally, it serves as a building block in the synthesis of complex organic molecules, particularly in the creation of heterocyclic compounds that are significant in medicinal chemistry. Its application extends to materials science, where it can be used in the design of novel organic materials with specific optical or electronic properties.