Used as an intermediate in the synthesis of nonsteroidal anti-inflammatory drugs (NSAIDs), particularly in the production of naproxen, a widely used pain reliever, fever reducer, and anti-inflammatory medication that inhibits the COX enzyme to reduce inflammation-causing substances in the body. Its hydroxyl and ketone functional groups allow for selective chemical modifications, making it valuable in pharmaceutical manufacturing. Also employed in organic research for developing photoactive compounds and studying reaction mechanisms involving naphthalene derivatives.