Used as an intermediate in the synthesis of coumarin derivatives, which are important in pharmaceuticals and fragrances. It serves in the preparation of bioactive compounds due to the presence of aldehyde and phenolic functional groups that allow for diverse chemical transformations. Commonly employed in the development of UV-absorbing agents and antioxidants in specialty polymers. Also utilized in research for designing novel heterocyclic compounds with potential antimicrobial and anti-inflammatory activities.