Used primarily as an intermediate in organic synthesis, especially in the production of pharmaceuticals and agrochemicals. Its reactivity allows for the introduction of the 2-(naphthalen-2-yl)acetyl group into larger molecules, making it valuable in the development of active ingredients in drugs targeting inflammation and central nervous system disorders. Also employed in the preparation of specialty polymers and dyes due to the aromatic stability and structural bulk it contributes. Commonly used in acylation reactions where a carboxylic acid derivative is needed to form amides or esters under controlled conditions.