Used as an intermediate in organic synthesis, particularly in the preparation of anticoagulant compounds and fluorescent dyes. It also serves as a building block in the development of certain pharmaceuticals due to its structural similarity to coumarin derivatives known for biological activity. Its hydroxyl and methyl-substituted ring system makes it suitable for use in antioxidant research and as a precursor in the synthesis of more complex heterocyclic systems. Additionally, it finds application in the study of photochemical properties owing to its conjugated structure.