Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various heterocyclic compounds. Its reactive formyl group enables it to participate in condensation reactions, making it valuable for constructing complex molecular structures. It is often employed in the development of pharmaceuticals, particularly in the synthesis of chromone derivatives that exhibit anti-inflammatory, antimicrobial, and anticancer properties. Additionally, it finds utility in material science for creating fluorescent dyes and sensors due to its chromone backbone, which can interact with light and other molecules. Its versatility makes it a crucial component in research and industrial applications.