Used in the synthesis of dyes and pigments, particularly for producing bright red and orange shades in textile and printing inks. Acts as an intermediate in the production of naphthoquinone derivatives, which have applications in photoreactive compounds and organic semiconductors. Also employed in the preparation of fluorescent probes and sensors due to its ability to form stable complexes with metal ions. Shows potential in pharmaceutical research for developing anti-inflammatory and antimicrobial agents. Its ester derivatives are utilized in fragrances as fixatives to enhance scent longevity.