This compound is primarily utilized in the synthesis of various organic materials, particularly in the development of pharmaceuticals and agrochemicals. Its structure makes it a valuable intermediate in the production of compounds with potential biological activity. It is often employed in research settings to create novel molecules for drug discovery, especially in the study of anti-inflammatory and anticancer agents. Additionally, it can be used in the preparation of dyes and pigments due to its naphthalene backbone, which is known for contributing to color properties. Its application in organic synthesis also extends to the creation of specialty chemicals used in industrial processes.