Used in organic synthesis as an intermediate for pharmaceuticals and fine chemicals. Its naphthalene-based structure allows functionalization for building more complex molecules, particularly in the development of bioactive compounds. Commonly employed in research settings to prepare derivatives with potential therapeutic activity. Also utilized in the preparation of specialty esters and fragrances due to its aromatic character and reactivity. Additionally, it can be used to modify molecular structures for developing materials with luminescent properties or applications in organic electronics.