This compound is primarily utilized in organic synthesis, particularly in the development of complex molecules due to its unique structure. It serves as a key intermediate in the production of pharmaceuticals, where it aids in the creation of compounds with potential therapeutic properties. Its benzofuran moiety is often explored for its biological activity, making it valuable in drug discovery processes. Additionally, it is employed in the synthesis of heterocyclic compounds, which are essential in various industrial and medicinal applications. Researchers also investigate its potential use in material science, particularly in the development of organic electronic materials.