Used in organic synthesis as a building block for pharmaceuticals and agrochemicals, particularly in Suzuki-Miyaura cross-coupling reactions to form biaryl compounds. Its hydroxyl and boronic acid functional groups allow for selective modifications and chelation properties, making it valuable in the development of sensors, fluorescent probes, and conjugated materials for optoelectronics. Also employed in the synthesis of naphthalene-based inhibitors and bioactive molecules due to its aromatic scaffold and hydrogen-bonding capability.