Used primarily in organic synthesis, it serves as an intermediate in the production of pharmaceuticals, particularly in the development of anti-inflammatory and analgesic drugs. Its naphthyl group makes it valuable in creating compounds with specific biological activities. Additionally, it is employed in research for studying enzyme interactions and receptor binding due to its ability to mimic certain natural substrates. In material science, it is utilized in the synthesis of specialty polymers and coatings, enhancing properties like durability and resistance. Its role in fluorescent labeling and imaging agents is also notable, aiding in biological and chemical detection processes.