Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of naphthalene-based compounds, which are often utilized in medicinal chemistry for their bioactive properties. Additionally, it finds application in the synthesis of dyes and pigments, contributing to the vibrant colors in textiles and coatings. Its reactivity with other organic molecules makes it a versatile building block in research and industrial chemistry.