Material science is continuously progressing and scientists are hopeful that this will allow them to soon create space elevators. Their vision is to use the concept of spider silk, which is five times stronger than steel, to create carbon nanotubes which will be sustainable enough for space elevators. If they could develop this super strong material, it would allow for advances in the engineering, medicine, and construction industries.
Obayashi is a Japanese construction company that plans to build a 22,000 mile long elevator from earth to space. They have already released a concept vehicle but materials strong enough to create it are not available yet. Obayashi is confident that the super strong materials will soon be developed and that the space elevator will be completed by 2050.