This compound is primarily utilized in the field of organic synthesis, where it serves as a chiral intermediate. Its structure, featuring a naphthalene moiety and a benzylic alcohol, makes it valuable for the preparation of enantiomerically pure compounds, particularly in the development of pharmaceuticals. It is often employed in asymmetric synthesis to introduce chirality into target molecules, which is crucial for the production of drugs with specific biological activities. Additionally, it can be used in the synthesis of liquid crystals and advanced materials, where precise molecular design is essential for achieving desired properties. Its role in catalysis and as a building block for complex organic molecules further highlights its versatility in chemical research and industrial applications.