Ethyl benzofuran-2-carboxylate is primarily utilized in organic synthesis as a versatile intermediate for the production of various pharmaceutical compounds. Its structure is particularly valuable in the development of drugs targeting neurological disorders, as it can be modified to enhance binding affinity to specific receptors in the brain. Additionally, this compound finds application in the synthesis of agrochemicals, where it serves as a key building block for creating pesticides and herbicides with improved efficacy and selectivity. Its role in material science is also notable, as it contributes to the development of organic semiconductors and light-emitting materials used in electronic devices.