This compound is primarily utilized in organic synthesis as an intermediate for the production of various pharmaceuticals and dyes. Its structure allows it to act as a building block in the synthesis of complex molecules, particularly those involving naphthalene derivatives. In the pharmaceutical industry, it is often employed in the development of drugs targeting specific biological pathways, leveraging its hydroxyl and ester functional groups for further chemical modifications. Additionally, it finds application in the creation of pigments and colorants, where its aromatic nature contributes to the stability and intensity of the resulting dyes. Its versatility makes it a valuable component in research and industrial processes.