This chemical is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various bioactive compounds, particularly in the synthesis of benzofuran derivatives. These derivatives are often explored for their potential therapeutic properties, including anti-inflammatory, antimicrobial, and anticancer activities. Additionally, it is employed in the preparation of complex molecules for drug discovery and material science applications. Its unique structure makes it valuable for constructing heterocyclic frameworks, which are essential in designing novel compounds with specific biological or chemical functionalities.