This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly those targeting neurological disorders. It serves as a key intermediate in the production of benzoxazole derivatives, which are known for their potential therapeutic effects in treating conditions like epilepsy and anxiety. Additionally, it is employed in the development of organic light-emitting diodes (OLEDs) due to its electron-transporting properties, enhancing the efficiency of these devices. In agrochemical research, it is explored for creating novel pesticides and herbicides, leveraging its structural properties to improve crop protection. Its versatility in chemical synthesis also makes it valuable in material science, particularly in the design of advanced polymers and coatings.