Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the preparation of substituted benzofurans and other heterocyclic compounds. Its aldehyde and carboxylic acid functional groups allow for diverse chemical modifications, making it valuable in constructing complex organic molecules. Commonly employed in condensation reactions and cyclizations to build bioactive structures. Also utilized in the development of herbicides and plant growth regulators due to its structural similarity to auxin-like compounds.