Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. Its structure supports the development of bioactive molecules due to the presence of functional groups that can undergo esterification, amidation, and coupling reactions. Commonly employed in the synthesis of benzofuran-based compounds with potential antimicrobial, anti-inflammatory, or antioxidant properties. Also utilized in research settings for designing novel heterocyclic compounds for drug discovery.