Used in organic synthesis to create complex molecules, particularly in the development of pharmaceuticals and bioactive compounds. It serves as a key intermediate in the production of naphthalene derivatives, which are often explored for their potential therapeutic properties. Additionally, it is utilized in research for designing fluorescent probes and dyes due to its naphthalene core, which exhibits strong photophysical properties. Its carboxylic acid group allows for further functionalization, making it versatile in chemical reactions.