Used primarily in organic synthesis, this compound serves as a versatile intermediate for creating various pharmacologically active molecules. It is particularly valuable in the development of hydrazide-based derivatives, which exhibit potential antimicrobial, anticancer, and anti-inflammatory properties. Additionally, it plays a role in the synthesis of naphthalene-containing compounds, which are often explored for their fluorescence properties in material science and imaging applications. Its structural features make it a key component in designing novel chemical entities for drug discovery and functional materials.