This compound is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and agrochemicals. Its benzofuran structure makes it a valuable building block for developing compounds with potential biological activity. It is often employed in the synthesis of heterocyclic compounds, which are crucial in drug development for targeting specific diseases. Additionally, it serves as a precursor in the creation of fluorescent dyes and materials for optoelectronic applications, owing to its aromatic and conjugated system. Its versatility also extends to research applications, where it is used to study reaction mechanisms and develop novel synthetic pathways.