This compound is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of compounds with potential biological activity. Its structure is valuable for constructing complex molecules, often serving as a building block in the creation of indene derivatives. Additionally, it finds application in material science, where it contributes to the development of novel organic materials with specific properties. Its reactivity and functional groups make it a useful component in various chemical reactions, including cyclization and esterification processes.