This chemical is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of complex organic compounds, particularly in the synthesis of benzofuran derivatives. These derivatives are often explored for their potential biological activities, including antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it is used in the preparation of materials for electronic applications, such as organic semiconductors, due to its structural properties that can influence electronic characteristics. Researchers also employ it in the study of heterocyclic chemistry to understand reaction mechanisms and develop novel synthetic pathways.