This compound is primarily utilized in organic synthesis as a building block for the development of more complex molecules. It serves as a key intermediate in the production of pharmaceuticals, particularly in the synthesis of compounds with potential therapeutic properties. Its structure, featuring a benzofuran ring, makes it valuable in the creation of drugs targeting neurological disorders, inflammation, and other medical conditions. Additionally, it finds use in the research and development of agrochemicals, where it contributes to the formulation of pesticides or herbicides. Its versatility in chemical reactions also makes it a useful reagent in material science, aiding in the creation of novel polymers or coatings with specific properties.