Used in organic synthesis as a building block for pharmaceuticals and agrochemicals, particularly in Suzuki-Miyaura cross-coupling reactions to form carbon-carbon bonds. Its hydroxyl and boronic acid functional groups allow for dual reactivity, making it valuable in the development of sensors, fluorescent probes, and dyes. Also employed in the preparation of biologically active compounds, including potential therapeutic agents targeting enzymes and receptors. Its naphthalene backbone provides structural rigidity and enhances photophysical properties useful in material science applications.