This chemical is primarily used in organic synthesis as an intermediate for the production of various complex molecules. It is particularly valuable in the development of fluorescent dyes and pigments due to its naphthyl group, which imparts strong fluorescence properties. Additionally, it serves as a building block in the synthesis of pharmaceuticals, where its structure can be modified to create compounds with potential therapeutic effects. In material science, it is employed in the creation of polymers and resins that require specific optical or mechanical properties. Its reactivity also makes it useful in research and development for exploring new chemical reactions and pathways.