This compound is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the preparation of complex organic molecules, particularly in the synthesis of pharmaceuticals and agrochemicals. Its formyl and ester functional groups make it a valuable building block for constructing naphthalene-based structures, which are often found in active pharmaceutical ingredients. Additionally, it is employed in the development of dyes and pigments due to its aromatic naphthalene core, which can enhance color properties. Its reactivity also allows for modifications to create specialized materials for research and industrial applications.