Used in organic synthesis as a key intermediate for the development of various biologically active compounds. It plays a significant role in the preparation of chromone derivatives, which are studied for their potential pharmacological properties, including anti-inflammatory, antioxidant, and anticancer activities. Additionally, it is utilized in the synthesis of fluorescent dyes and sensors due to its unique chromone structure, which can interact with light and other molecules. Researchers also explore its application in material science for designing advanced organic materials with specific optical properties.