Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, particularly those targeting cardiovascular and neurological disorders. Its structure is valuable in the development of chromone derivatives, which exhibit anti-inflammatory, antioxidant, and antimicrobial properties. Additionally, it is utilized in the synthesis of natural product analogs for research in drug discovery and development. In material science, it contributes to the creation of organic compounds with potential applications in optoelectronics and advanced polymer materials.