Used as an intermediate in the synthesis of pharmaceuticals, particularly nonsteroidal anti-inflammatory drugs (NSAIDs) like naproxen. Its structure allows for selective functionalization in organic reactions, making it valuable in building complex naphthalene-based molecules. Also employed in materials science for creating organic semiconductors and fluorescent dyes due to the extended aromatic system combined with reactive bromine for further coupling reactions. Commonly used in Suzuki and other palladium-catalyzed cross-coupling reactions to form carbon-carbon bonds in fine chemical synthesis.