This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex chemical structures. Its functional groups, including the formyl and ester moieties, make it a versatile building block in the production of pharmaceuticals, particularly in the synthesis of bioactive molecules and drug candidates. Additionally, it finds application in the field of material science, where it is used to create specialized polymers and coatings with tailored properties. Its furan and benzoate components also make it a potential candidate for the development of organic electronic materials, such as sensors or light-emitting devices.