Used in the synthesis of dyes and pigments, particularly for producing fluorescent dyes and pH indicators due to its hydroxyl groups that undergo color changes under different pH conditions. Acts as a building block in organic semiconductors and optoelectronic materials because of its extended aromatic structure. Employed in the preparation of naphthoquinones, which have applications in photoreactive compounds and biological studies. Also utilized in the development of sensors and molecular probes for detecting metal ions in environmental and biological systems.