Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of compounds with naphthalene structures, which are often utilized in medicinal chemistry for their biological activity. Additionally, it finds application in the synthesis of dyes and pigments, contributing to the vibrant colors in textiles and industrial materials. Its unique structure allows for versatile chemical modifications, making it a useful building block in research and industrial processes.