This compound is primarily utilized in the synthesis of various organic molecules due to its reactive aldehyde and hydroxyl functional groups. It serves as a key intermediate in the production of coumarin derivatives, which are widely used in the development of pharmaceuticals, particularly in anticoagulant drugs. Additionally, it finds application in the creation of fluorescent dyes and sensors, leveraging its chromene core for optical properties. Its role in organic synthesis also extends to the preparation of heterocyclic compounds, which are significant in agrochemicals and material science.