Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of compounds with potential biological activity, such as antioxidants and anti-inflammatory agents. Additionally, it is utilized in the synthesis of complex molecules for research in medicinal chemistry, where its benzofuran core is often incorporated into drug candidates targeting neurological and cardiovascular diseases. Its applications also extend to material science, where it is explored for creating novel polymers and coatings with enhanced properties.