This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various coumarin derivatives. These derivatives are known for their wide range of biological activities, including anticoagulant, anti-inflammatory, and antimicrobial properties. Additionally, it is used in the development of fluorescent dyes and probes for biochemical research, aiding in the study of cellular processes and molecular interactions. In the pharmaceutical industry, it plays a role in the synthesis of drugs targeting specific enzymes and receptors, contributing to the advancement of therapeutic treatments. Its application also extends to material science, where it is employed in the creation of organic electronic materials and photoresponsive compounds.