What's your budget here ?
A relatively cheap and decent way I can see would be a subdye red suit with muscle shade and the hexagone pattern, that you can puffy paint (over the hexa pattern) to give some texture or not, as you wish but textured suit are in fashion lately on TV and silver screen, and they look good. Then the armored parts you can freehand out of foam. I'd recommend using an available Flash Cowl from the Junkyard here, with custom bolt ears and mod it if you want, or commission a custom cowl. Or make it yourself if you want to try that whole sculpting/molding/casting process. Alternatively, you can probably whip up something in foam too, but it will not look as nice as a urethane cowl.
Count around 200-300$ for a subdye suit printed and sewn, perhaps less if you sew it yourself, 200$ for a urethane cowl, more around 300$ if it's a custom job perhaps, then the foam is fairly cheap, I guess 20-30$ worth of it should suffise. Pus general supplies like paint and glue and stuff. So between 450 and 650$ for that option I say, but it will look good.
Note that you could cut down the price by going with a cheap zentai red suit and paint both the muscle shades and the hexa pattern yourself, which would run you 60$ tops, but it takes a lot more skills to get it to look good. You can check Iracel's spiderman costumes thread on the marvel part of the forum, he's doing a great job at it, but he's got skills and experience now.
Now, the probably best, most professional looking way, and also the most expensive would be to have the bodysuit screen printed with the pattern. I've got no idea how much that would run, but certainly higher than 300$. The few screen printed suits available here are usually upward 1K, to give you an example. Then for the armored part, have them sculpted or designed in 3D and printed, mold and cast in either a light semi flexible plastic like the 65D urethane plastic, or in a stiff urethane rubber. It would be easier for the actor wearing it if it's flexible, rather than a hard plastic ! Or a mix of both could work too, hard plastic for parts that don't move much, like the forearm pieces, and softer plastic or rubber for the abs and such.
I can't really give you a precise estimate for that, but it would run you probably well over 1K, probably 2K even. But you'll have something close to a real movie quality suit.
