Used as an intermediate in the synthesis of dyes and fluorescent compounds due to its naphthalene backbone and reactive functional groups. The bromo and hydroxy groups allow for further chemical modifications, making it valuable in organic synthesis, particularly in coupling reactions like Suzuki or Ullmann reactions. It also serves as a building block in the development of pharmaceuticals and agrochemicals where naphthalene derivatives are required. Its structure supports applications in materials science, especially in creating organic semiconductors or sensors with specific optical properties.