Used in the synthesis of organic compounds, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in creating molecules with potential therapeutic properties, such as anti-inflammatory and antimicrobial agents. Additionally, it is utilized in research to study its photophysical properties, which can be applied in materials science for developing organic light-emitting diodes (OLEDs) or sensors. Its benzofuran structure makes it valuable in designing compounds with specific biological activities or functional materials.