This compound is primarily utilized in organic synthesis as an intermediate for the production of various pharmaceuticals and agrochemicals. Its structure, featuring a naphthalene ring, makes it valuable in the development of compounds with potential biological activity. It is often employed in research settings to create derivatives that can be tested for therapeutic properties, such as anti-inflammatory, antimicrobial, or anticancer effects. Additionally, it serves as a building block in the synthesis of dyes and pigments due to its aromatic nature. In some cases, it is also used in the preparation of ligands for coordination chemistry, aiding in the study of metal complexes and catalysis.