Methyl benzofuran-2-carboxylate is primarily used in organic synthesis as a key intermediate in the production of various pharmaceuticals and agrochemicals. It serves as a building block for the development of compounds with potential biological activities, such as anti-inflammatory, antimicrobial, and anticancer agents. Additionally, it is utilized in the synthesis of heterocyclic compounds, which are important in the creation of dyes, pigments, and other specialty chemicals. Its role in research and development is significant, particularly in the exploration of new therapeutic molecules and functional materials.