Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various benzo[b]thiophene derivatives. It is particularly valuable in cross-coupling reactions, such as Stille coupling, where it facilitates the formation of carbon-carbon bonds. This makes it useful in the development of pharmaceuticals, agrochemicals, and organic materials. Additionally, its role in constructing complex molecular structures aids in research and industrial applications, particularly in the fields of medicinal chemistry and material science.