In many of the reports detailing the next generation technologies and engineering challenges, it is evident that one of the primary constraint to the growth of most of the future technologies is the availability of materials with appropriate performance characteristic and properties. There are major challenges that world is facing such as accessible clean water, human health, effective power generation, economical solar energy, capturing CO2 and restoring and improving infrastructure. These all challenges need the materials and materials system with better properties and performance than the one we are using now. Now, it is important to understand that the materials properties and performances required to enable these advances can never be met by evolutionary progress but rather it requires a revolutionary progress in our potential to synthesize and process materials with distinctive properties that can be controlled and operated to satisfy the specific applications. Progress in these areas would, therefore, have the biggest impact on energy savings and waste reduction. These areas includes corrosion, wear, high-temperature materials and materials modelling/database development etc. These challenges implicit a continuing need for materials scientists and materials engineers for the foreseeable future. There is lot of scope in the area of research in materials science as around the globe researchers are working in the development of novel materials in various areas such as biomaterials for various human body implants, corrosion resistant materials for industrial applications, high temperature resistant materials, aerospace materials with better function as well as economical and many more new materials. It is also found that the materials have a great impact not only in the areas of research but also on the economy and growth of the country, as many of the countries have gained lot of revenue just because of the development of new and advance materials which they are in fact exporting to other countries. However, despite this need it is also the fact that the discovery of new materials was responsible for enabling several of the technological achievements of the last century.