In the fourth industrial revolution, the importance of materials technology will increase. How is new material technology developing?
Materials technology is regarded as the most likely future source of core competitiveness. The development of advanced materials is the foundation for innovation and sustainable growth.
The materials and parts industry in South Korea experienced rapid development thanks to strong government policies. According to a materials technology report published by the Nano-Convergence Foundation, South Korea has maintained a trade surplus in the materials and parts sector since 1997.
However, there is a growing consensus within the sector that a paradigm shift is needed in the sector due to the growing import of core components for key industries. To ensure sustained innovation and to secure leadership in the industry, a new strategy is needed to strengthen the competitiveness of advanced materials development.
On 13th February 2019 the International Trade Research Center of the Korean International Trade Association announced ”Cyber Security, Smart Healthcare, Energy, Green New Materials and Connected Cars” as the five key growth sectors. Advanced materials are essential for both the healthcare and energy sectors, making materials technology ever more important. Growing consumer demand for greener products is expected to stimulate the bio-degradable plastics and lightweight materials industry.
It is difficult to accurately quantify the importance of materials technology to the industry due to the inherent complexity of how new materials impact different industries over certain periods of time. Some experts estimate that new materials and process improvements will contribute to a minimum 20% advancement of certain industries. Furthermore, the contribution from materials technology has been increasing over the past few decades.
Since the manufacturing sector currently serves as the core of the South Korean economy, materials of all types are the essential building blocks of the South Korean economy. In fact, the success of the ongoing restructuring of the industry due to the fourth industrial revolution largely depends on the successful development of materials industry at scale. The situation calls for the development of innovative technology rather than playing catchup to conventional technology.
We need to be able to accurately predict future changes, identify technologies needed and pursue development strategies that promote the advancement of technology, economy and society. It is also important to note that advancement in materials technology also benefits the whole economy. Overall, materials technology development with a focus on the manufacturing sector could stimulate a wide range of industrial sectors.