This compound is primarily utilized in the synthesis of various organic molecules, particularly in the development of pharmaceuticals. It serves as a key intermediate in the production of chroman derivatives, which are known for their biological activities, including antioxidant, anti-inflammatory, and antimicrobial properties. Additionally, it is employed in research settings to explore novel therapeutic agents, especially in the design of compounds targeting central nervous system disorders. Its structural framework is also valuable in material science for creating functionalized polymers and coatings with specific optical or mechanical properties.