Used in organic synthesis, particularly in the production of dyes and pigments due to its ability to form stable complexes with metals. It serves as a key intermediate in the manufacture of naphthol-based compounds, which are essential in textile and paper industries for coloring purposes. Additionally, it finds application in the development of fluorescent markers and sensors, leveraging its unique structural properties for detecting specific molecules in biochemical research. Its role in pharmaceutical research includes the synthesis of potential drug candidates, especially those targeting enzyme inhibition or receptor modulation.