There will possibly be some kind of material library in the distant future. In the meantime you can just export/import materials from SketchUp.
To export:
Right click the material in the library and select "Save As"
To import:
Just drag the .skm file to the SketchUp material editor library.
Great! Would the preset material like glass, metal, paint, plastic, ss etc be included to these?
That would be a nice addition.
Currently, reflection has color options, thanks for that ---looking forward to fresnel, anisotropic and texture mapping options.
Collapsable render panel is really a good direction since old render panel
does not really automatically fit in the entire Sketchup window. This save me one click.