Used as an intermediate in the synthesis of nonsteroidal anti-inflammatory drugs (NSAIDs), particularly in the production of naproxen. Its hydroxyl and ketone functional groups allow for selective chemical modifications needed to build the final active pharmaceutical ingredient. It plays a key role in industrial routes where aromatic ketones are transformed into propionic acid derivatives with analgesic and antipyretic properties. Also utilized in organic research for developing naphthalene-based compounds with potential biological activity.