This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex chemical structures. It is often employed in the preparation of heterocyclic compounds, particularly those containing pyran rings, which are significant in pharmaceutical research. Its functional groups make it a versatile building block for synthesizing potential drug candidates, especially in the exploration of anti-inflammatory, antimicrobial, and anticancer agents. Additionally, it is used in the study of novel organic reactions and mechanisms, contributing to advancements in synthetic chemistry methodologies.