Used primarily as an intermediate in organic synthesis, this compound plays a key role in the preparation of pharmaceuticals and bioactive molecules. Its reactive bromomethyl group allows for easy functionalization, making it valuable in constructing carbon-heteroatom and carbon-carbon bonds. It is often employed in the development of benzofuran-containing compounds, which are found in various medicinal agents due to their antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it serves as a building block in the synthesis of agrochemicals and functional materials where aromatic heterocycles are required.