This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly in the synthesis of naphthalene derivatives. Its structure is valuable for constructing complex organic frameworks, often used in the study of enzyme inhibitors and receptor modulators. Researchers also explore its potential in creating novel compounds with therapeutic properties, such as anti-inflammatory or anticancer agents. Additionally, it may be employed in material science for designing functional organic materials with specific electronic or optical properties.