Used in the synthesis of dyes and fluorescent compounds due to its aromatic structure and reactive acetyl group. Commonly employed as an intermediate in organic reactions, particularly in the preparation of naphthyl esters and other derivatives used in pharmaceuticals and agrochemicals. Also finds use in research settings for developing photochromic materials and UV-absorbing agents. Its hydroxyl and ketone functional groups allow for a range of derivatization reactions, making it valuable in building complex molecules.