Used in organic synthesis as an intermediate for the production of pharmaceuticals and agrochemicals. It is particularly valuable in the development of compounds with potential anti-inflammatory, analgesic, or antimicrobial properties. The methoxy and hydroxymethyl groups on the naphthalene ring make it a versatile building block for designing molecules with specific biological activities. Additionally, it can be employed in the synthesis of dyes and fluorescent probes due to its aromatic structure, which allows for modifications to enhance optical properties. Its role in research and development highlights its importance in creating novel compounds for various industrial applications.