It is primarily used in the synthesis of organic compounds, particularly in the production of dyes and pigments, where it serves as an intermediate. The compound is also utilized in the development of pharmaceuticals, contributing to the creation of active ingredients in certain medications. Additionally, it finds application in research and development for studying chemical reactions and properties of naphthoic acid derivatives. Its role in industrial processes includes acting as a precursor for the manufacture of specialty chemicals, enhancing the efficiency of various synthetic pathways.