This compound is primarily utilized in the synthesis of various organic molecules, particularly in the development of pharmaceuticals and agrochemicals. Its structure, featuring a benzofuran moiety, makes it a valuable intermediate in creating compounds with potential biological activity. It is often employed in research to develop new drugs targeting inflammatory and neurological disorders due to its ability to interact with specific biological pathways. Additionally, it serves as a building block in the production of fragrances and flavoring agents, contributing to the creation of complex aromatic compounds. Its versatility in chemical reactions also makes it useful in material science for designing advanced polymers and coatings.