Used in organic synthesis as an intermediate for producing complex organic compounds, particularly in the pharmaceutical industry for developing active pharmaceutical ingredients (APIs). It is also employed in the synthesis of dyes and pigments due to its naphthalene structure, which contributes to color stability and intensity. Additionally, it serves as a building block in materials science for creating advanced polymers and coatings with specific optical or mechanical properties. Its hydroxyl and ester functional groups make it versatile for further chemical modifications.