Used as an intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the production of compounds featuring benzofuran or tetralin structures, which are prevalent in bioactive molecules such as anti-cancer agents, antibacterials, and antioxidants. Its structure facilitates key transformations in organic reactions, enabling the creation of complex ring systems in therapeutic agents. Additionally, it serves as a starting material for fluorescent compounds and optoelectronic materials due to its effective light absorption and emission properties. Commonly applied in research for developing compounds with potential neurological or anti-inflammatory activity.