Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various bioactive molecules. Its structure is particularly valuable in developing compounds that target neurological disorders, such as depression and anxiety, due to its potential interaction with serotonin receptors. Additionally, it is utilized in organic chemistry studies to explore novel reaction pathways and develop new methodologies for indane derivatives. Its application extends to material science, where it contributes to the creation of specialized organic materials with unique electronic properties.