Used primarily as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and agrochemicals. It serves as a building block for naphthoic acid derivatives, which are important in the development of bioactive molecules. Commonly employed in research settings for the synthesis of dyes, fluorescent compounds, and specialty esters. Its aromatic structure makes it suitable for use in the formulation of fragrances and flavoring agents where a stable, aromatic ester is required. Also utilized in the production of polymer modifiers to enhance thermal and chemical resistance in certain resins.