Used in the synthesis of advanced polymer materials due to its ability to act as a bifunctional monomer. Its hydroxyl groups readily undergo esterification and etherification reactions, making it suitable for producing cross-linked resins and thermosetting polymers. It is also explored in the development of specialty coatings and flame-retardant materials owing to the aromatic naphthalene core, which enhances thermal stability. Additionally, it serves as an intermediate in organic synthesis for pharmaceuticals and dyes where a rigid, planar structure with reactive handles is required.