Used as an intermediate in the synthesis of dyes and pigments, particularly in the production of anthraquinone-based colorants for textiles and inks. It serves as a building block in organic synthesis for pharmaceuticals and agrochemicals due to its reactive functional groups. Also employed in the development of photoactive compounds and in some cases as a precursor in the manufacture of specialty polymers. Its derivatives are explored for use in electrochemical applications and as sensors due to their redox-active properties.