Used in the synthesis of fragrances and flavoring agents due to its phenolic and unsaturated structure, which contributes to aromatic and reactive properties. It serves as an intermediate in the production of coumarin derivatives, which are important in perfumery and as precursors in anticoagulant drugs. Also utilized in polymer chemistry as a monomer or modifier to enhance thermal and oxidative stability in resins. Its allyl group allows for easy functionalization through reactions like epoxidation or radical polymerization, making it valuable in developing specialty chemicals and functional materials.