This compound is primarily utilized in organic synthesis as a key intermediate for the production of more complex chemical structures. It is often employed in the development of pharmaceuticals, particularly in the synthesis of compounds with potential therapeutic effects. The benzyloxy group in its structure makes it a versatile precursor for further chemical modifications, such as deprotection or functional group transformations. Additionally, it serves as a building block in the creation of naphthalene derivatives, which are commonly explored for their biological activities, including anti-inflammatory, anticancer, and antimicrobial properties. Its role in research and development is significant, especially in the design and optimization of drug candidates.