Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various heterocyclic compounds. It is particularly valuable in the development of coumarin derivatives, which are widely utilized in the pharmaceutical industry for their anticoagulant, anti-inflammatory, and anticancer properties. Additionally, it finds application in the synthesis of dyes and fluorescent markers due to its chromene structure, which imparts unique optical properties. Its carboxylic acid group also makes it a versatile building block for further chemical modifications, enabling the creation of complex molecules for research and industrial purposes.