Used primarily as an intermediate in organic synthesis, especially in the production of pharmaceuticals and fine chemicals. It serves as a building block in the preparation of flavonoids and other bioactive molecules due to the presence of both hydroxyl and ketone functional groups, which allow for diverse chemical modifications. Its structure supports condensation and cyclization reactions, making it valuable in synthesizing heterocyclic compounds. Also utilized in the development of UV-absorbing compounds for use in sunscreens and protective coatings, thanks to its ability to absorb ultraviolet light.