Used as a key intermediate in the synthesis of flavonoids and related polyphenolic compounds, which exhibit antioxidant, anti-inflammatory, and UV-absorbing properties. Commonly employed in pharmaceutical research for developing drugs targeting oxidative stress-related diseases. Also utilized in cosmetic formulations for skin protection due to its ability to scavenge free radicals and absorb ultraviolet light. Serves as a building block in the preparation of natural product analogs and bioactive molecules in medicinal chemistry.