This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure, featuring a naphthalene ring, makes it valuable for creating compounds with specific biological activities. It is often employed in the development of drugs targeting the central nervous system, particularly in the synthesis of compounds that interact with neurotransmitter systems. Additionally, it finds use in research settings for studying receptor binding and enzyme inhibition, aiding in the discovery of new therapeutic agents. Its unique chemical properties also make it a candidate for use in material science, particularly in the design of organic electronic materials.