Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its chloromethyl group allows for further functionalization, making it valuable in the development of active ingredients for drugs targeting neurological and cardiovascular diseases. Additionally, it is utilized in the synthesis of complex molecules for research purposes, particularly in the study of benzofuran derivatives and their biological activities. In material science, it contributes to the creation of specialized polymers and coatings with enhanced properties.