Used primarily in the synthesis of organic compounds, this chemical serves as a key intermediate in the production of pharmaceuticals, particularly anticoagulants like warfarin. It is also employed in the development of fluorescent dyes and sensors due to its chromene structure, which exhibits strong luminescent properties. Additionally, it finds application in agricultural chemistry for the formulation of certain pesticides and herbicides. Its role in organic synthesis extends to the creation of complex molecules for research and industrial purposes.