Used in the synthesis of flavonoids and other bioactive compounds, this compound serves as a key intermediate in pharmaceutical and agrochemical industries. Its structure supports the development of antioxidants and UV stabilizers due to the presence of multiple hydroxyl groups. It is also employed in the preparation of chelating agents and sensors for metal ion detection. In research, it acts as a building block for novel heterocyclic systems with potential antimicrobial and anti-inflammatory activities.