This compound is primarily utilized in organic synthesis as an intermediate for the production of more complex chemical structures. It is often employed in the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) that target neurological and cardiovascular systems. Additionally, it serves as a key building block in the creation of benzofuran derivatives, which are known for their diverse biological activities, including antimicrobial, anti-inflammatory, and anticancer properties. In material science, it is used in the synthesis of polymers and coatings that require specific functional properties. Its role in research and development is significant, contributing to advancements in medicinal chemistry and functional materials.