This compound is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and fine chemicals. It serves as a building block in the synthesis of complex molecules, particularly those with naphthalene-based structures. Its applications extend to the development of compounds with potential biological activity, such as inhibitors for enzymes or receptors. Additionally, it is used in research settings to study chemical reactions and mechanisms involving hydrogenation and functional group transformations. Its versatility makes it a valuable component in the creation of dyes, agrochemicals, and other specialized materials.