Material Innovation Report 2024

“Every year that goes by, we see more innovators entering the space and they are constantly getting smarter about what is needed, what works and what doesn’t.” These words, spoken by Suzanne Lee, CEO and founder of biomaterials consultancy and design firm Biofabricate, sum up the state of material innovations today. It’s an exciting arena, with promising steps forward plus learnings from challenges and missteps.

Yet despite global venture capital funding dropping 42 percent and deal count falling 30 percent to a six-year low, the funding for next-gen material companies increased by 10 percent, according to the Material Innovation Initiative’s (MII) State of the Industry Report.

Scalability and commercialization, of course, remain the biggest hurdles, and those issues remain top of mind for innovators looking to penetrate the retail realm and bring recycled fibers and biobased alternatives to the masses. Does next gen silk, next-gen leather, next-gen down and next-gen fur have a viable market? What about prosciutto purses and fruit skin silk suits? The Material Innovation Institute says yes, noting the 380 collaborations in 2023 and the 40 in 2024, so far.

Download the Material Innovation Report to learn:

• What’s next for Renewcell, rebranded Circulose under its new private equity owner
• How Under Armour is pushing the envelope with its new Neolast fiber
• What Ganni’s playbook, “How to Get Started Creating a Sustainable Business,” can teach startups and existing businesses alike
• How textile-to-textile recycler Ambercycle is scaling up and exploring new relationships to bring its signature creation, Cycora, to the masses
• How next-gen materials developer Polybion has brought its bacteria cellulose leather alternative, Celium, to the global market
• Why the global market for biopolymers is set to grow by 17 percent over the next five years, according to a report by the nova-Institute