Used as an intermediate in the synthesis of dyes and optical brighteners due to its aromatic structure and hydroxyl functionality. It also serves as a chiral building block in asymmetric synthesis, particularly in pharmaceuticals where stereochemistry plays a critical role. Its naphthyl group provides good UV absorbance, making it useful in the development of fluorescent probes and sensors. Additionally, it finds application in fragrance chemistry, contributing to the stability and character of certain perfume formulations.