This compound is primarily used in organic synthesis as an intermediate for the development of more complex chemical structures. Its benzofuran core makes it valuable in the pharmaceutical industry, where it serves as a building block for creating potential drug candidates, particularly those targeting neurological and anti-inflammatory pathways. Additionally, it finds application in material science, where it contributes to the synthesis of organic semiconductors and light-emitting materials due to its conjugated structure. Its ester functional group allows for further chemical modifications, making it versatile in research and industrial applications.