Used as an intermediate in the synthesis of dyes and pigments, particularly for azo dyes that require naphthalene-based structures. It plays a role in the production of textile dyes due to its ability to form stable colorants with good lightfastness. Also utilized in the preparation of functional organic compounds for pharmaceuticals and agrochemicals, where the bromo and hydroxy groups allow for further chemical modifications. Its carboxylic acid group enables salt formation and esterification, useful in developing specialty chemicals. Additionally, it serves as a building block in research for developing new materials with optoelectronic properties.