This compound is primarily utilized in the pharmaceutical and organic synthesis industries. It serves as a key intermediate in the production of various bioactive molecules, particularly those targeting neurological and cardiovascular diseases. Its structural features, including the dihydrobenzofuran ring, make it valuable for developing drugs with enhanced binding affinity and selectivity. Additionally, it is employed in research for designing and synthesizing novel compounds with potential therapeutic applications, such as anti-inflammatory and antioxidant agents. Its role in chiral synthesis is also noteworthy, as it contributes to the production of enantiomerically pure substances, which are critical in drug development.