Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its structure allows for easy functionalization, making it valuable in building complex organic compounds. Commonly employed in the preparation of heterocyclic compounds, especially benzofurans and coumarins, which are important in medicinal chemistry. Also utilized in the development of agrochemicals and dyes due to its reactivity and ability to form stable derivatives.