This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex molecules. It plays a significant role in the synthesis of heterocyclic compounds, particularly those containing benzoxazole moieties, which are valuable in medicinal chemistry. Its application extends to the creation of potential pharmaceutical agents, including anti-inflammatory, antimicrobial, and anticancer drugs. Additionally, it is used in research settings to explore novel chemical reactions and pathways, contributing to advancements in chemical sciences.