Used as a key intermediate in organic synthesis, particularly in the preparation of polycyclic aromatic compounds and fused ring systems. Its diol functionality allows for selective transformations, such as dehydration to form acenaphthylene derivatives, which are valuable in materials science for developing organic semiconductors and fluorescent dyes. Also employed in the synthesis of ligands for catalytic metal complexes due to its rigid aromatic backbone. Shows potential in pharmaceutical research for building sterically constrained scaffolds in drug design.