Used in the synthesis of dyes and pigments due to its polycyclic structure and hydroxyl groups that facilitate chromophore formation. Acts as an intermediate in organic synthesis, particularly in the preparation of naphthoquinone derivatives with potential biological activity. Employed in research for developing photochromic compounds and UV-absorbing materials owing to its conjugated system and ability to undergo reversible structural changes under light exposure. Also explored in coordination chemistry as a ligand for metal ions, forming complexes with catalytic or sensor applications.