Used in organic synthesis as a key intermediate for the preparation of various heterocyclic compounds. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of potential drug candidates with anti-inflammatory, anticancer, and antimicrobial properties. Additionally, it is utilized in the production of dyes and pigments due to its chromone backbone, which imparts color and stability. Its nitro and formyl groups make it a versatile building block for further chemical modifications in research and industrial applications.