This compound is primarily used in the synthesis of various organic intermediates and active pharmaceutical ingredients (APIs). Its benzofuran structure makes it valuable in medicinal chemistry for developing compounds with potential therapeutic properties, such as anti-inflammatory, antimicrobial, or anticancer agents. Additionally, it serves as a building block in the production of specialty chemicals, including fragrances and dyes, due to its aromatic and functional group characteristics. Its application extends to research laboratories where it is utilized in the study of chemical reactions and the development of novel materials.