This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and bioactive molecules. Its structure, featuring both a benzofuran ring and a carboxylic acid group, makes it valuable for constructing complex chemical architectures. It is often employed in the development of drugs targeting specific enzymes or receptors, particularly in anti-inflammatory and antimicrobial applications. Additionally, its derivatives are explored for their potential in material science, particularly in the design of organic electronic materials due to their conjugated systems. Researchers also investigate its use in synthesizing fluorescent dyes and sensors, leveraging its unique photophysical properties.