This compound is primarily utilized in the field of organic synthesis as a key intermediate for the preparation of various heterocyclic compounds. Its unique structure makes it valuable in the development of pharmaceuticals, particularly in the synthesis of potential drug candidates targeting neurological disorders. Additionally, it is employed in the production of dyes and pigments due to its chromene moiety, which contributes to its color-forming properties. Researchers also explore its use in material science for creating advanced polymers with specific optical characteristics.