Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of bioactive molecules with potential antifungal, antibacterial, and anti-inflammatory properties. Its structure serves as a key building block in organic synthesis, especially in cross-coupling reactions like Suzuki and Heck reactions, enabling the construction of complex benzofuran derivatives. Also explored in materials science for designing organic semiconductors and fluorescent dyes due to its electron-rich aromatic framework.