Used as a key intermediate in organic synthesis, particularly in the preparation of flavonoids and chalcone derivatives, which exhibit biological activities such as anti-inflammatory, antimicrobial, and anticancer properties. It serves as a building block in the development of pharmaceuticals and agrochemicals due to its reactive alkyne and carbonyl functional groups. Commonly employed in cyclization reactions to form heterocyclic compounds like pyrazoles and isoxazoles, which are important scaffolds in drug discovery. Also utilized in materials science for synthesizing conjugated organic molecules with potential applications in optoelectronics.