Used as an intermediate in the synthesis of vitamin K derivatives, such as menadione (vitamin K3), which are essential for blood clotting mechanisms and calcium absorption in bones. It plays a key role in pharmaceutical manufacturing due to its structural similarity to vitamin K. Also employed in research settings for developing novel derivatives with potential biological activity, including compounds related to cardiovascular health. Additionally, it serves as a building block in organic synthesis for dyes and fluorescent compounds owing to its naphthalene backbone.