Used primarily as a key intermediate in the synthesis of agricultural chemicals, particularly in the production of plant growth regulators and certain herbicides. Its structure allows for functionalization that enhances bioactivity in crop protection agents. It is also employed in the development of fine chemicals and specialty polymers due to its reactivity and stability in multi-step organic transformations. Additionally, it serves as a building block in the preparation of pharmaceuticals where benzofuran derivatives exhibit biological activity, including anti-inflammatory and antimicrobial properties.