You could try using strips of bike inner tube sewed together. Its a thick material that can create a sort of glossy-leather look. You can pick up old bike tubes for free if you ask around nicely.
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If you knit, you could use plastic shopping bags cut into strips. I've seen some very nice stuff made that way. You could also get some colorful bags and make flowers to decorate it pretty easily.
Do you mean a bonnet that goes on a ladies head or a bonnet that goes on the front of an English car to cover the motor?Either way have you thought of using unwanted cd's?
A bonnet made from waste materials... If you don't mine me being nosy, may I ask what it's for? Past that, I could see a black trash bag being used for the majority of the thing. From what I understand, there isn't a whole lot that goes into a bonnet.