Used as an intermediate in the synthesis of fine chemicals and pharmaceuticals, particularly in the production of non-steroidal anti-inflammatory drugs (NSAIDs) like naproxen. Its structure allows for selective functionalization, making it valuable in organic synthesis for creating chiral molecules. Also employed in the development of dyes and fluorescent probes due to its aromatic and photophysical properties. Limited solubility in water but soluble in organic solvents, which facilitates its use in solvent-based reactions.