This compound is primarily utilized in organic synthesis, particularly as a key intermediate in the production of more complex chemical structures. It plays a significant role in the development of pharmaceuticals, where it is often incorporated into the synthesis of active pharmaceutical ingredients (APIs) due to its reactive pyran ring and ester functional group. Additionally, it is used in the preparation of agrochemicals, contributing to the creation of pesticides or herbicides. Its structural features also make it valuable in material science for designing specialized polymers or coatings with specific properties. Researchers often employ it in studies involving heterocyclic chemistry to explore novel reactions and pathways.