This compound is primarily utilized in organic synthesis and pharmaceutical research as a key intermediate. It plays a significant role in the development of chromene-based derivatives, which are explored for their potential biological activities. Researchers often employ it in the synthesis of compounds with anti-inflammatory, anticancer, or antimicrobial properties. Additionally, its structural framework is valuable in designing fluorescent probes and dyes for biochemical and analytical applications. The compound's reactivity makes it a useful building block in medicinal chemistry for creating novel therapeutic agents.