Used primarily as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of anticoagulant drugs such as warfarin and related coumarin derivatives. Its structure allows for functionalization at multiple sites, making it valuable in building complex organic molecules. It is also employed in the development of fragrances and flavoring agents due to its lactone ring, which contributes to sweet, fruity, or creamy sensory notes. Additionally, it serves as a building block in agrochemicals for the design of certain plant growth regulators and pesticides. Its reactivity and stability under various conditions make it suitable for use in both laboratory-scale and industrial processes.