Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of pharmaceuticals and biologically active molecules. Its structure supports the development of compounds with potential neurological activity, making it valuable in medicinal chemistry research. It is also employed in the synthesis of fluorescent probes due to the naphthalene moiety, which contributes to light absorption and emission properties useful in imaging and analytical applications. Additionally, it finds use in the development of specialty chemicals such as dyes and sensors.