Used as a key intermediate in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions to construct biaryl compounds. Its hydroxyl group enhances solubility and can act as a directing group or coordination site in metal-catalyzed reactions. Commonly employed in the development of pharmaceuticals, agrochemicals, and functional materials such as organic semiconductors and sensors. The compound's ability to form stable complexes with diols makes it useful in saccharide sensing applications. Also explored in the synthesis of fluorescent probes and dyes due to the naphthalene backbone’s inherent photophysical properties.