This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its unique structure allows it to participate in reactions that form complex molecules, particularly those requiring the introduction of methoxyphenoxy and isobenzofuranone moieties. Additionally, it is employed in the development of advanced materials, such as polymers and coatings, where its properties contribute to enhanced performance and stability. In research, it is often used to study reaction mechanisms and to develop new synthetic methodologies.