Primarily used in the synthesis of liquid crystal materials, this compound plays a crucial role in the production of displays for electronic devices such as LCD screens. It serves as an intermediate in the creation of naphthalene-based liquid crystals, which are valued for their stability and optical properties. Additionally, it is utilized in organic synthesis for developing dyes and pigments, contributing to vibrant and long-lasting colors in various industrial applications. Its derivatives are also explored in pharmaceutical research for potential therapeutic uses.