diff --git a/Gems/Atom/RPI/Code/Source/RPI.Builders/Material/MaterialBuilder.cpp b/Gems/Atom/RPI/Code/Source/RPI.Builders/Material/MaterialBuilder.cpp
index 768890a29b..cadb182d03 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Builders/Material/MaterialBuilder.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Builders/Material/MaterialBuilder.cpp
@@ -52,7 +52,7 @@ namespace AZ
         {
             AssetBuilderSDK::AssetBuilderDesc materialBuilderDescriptor;
             materialBuilderDescriptor.m_name = JobKey;
-            materialBuilderDescriptor.m_version = 115; // material dependency improvements updated
+            materialBuilderDescriptor.m_version = 116; // more material dependency improvements
             materialBuilderDescriptor.m_patterns.push_back(AssetBuilderSDK::AssetBuilderPattern("*.material", AssetBuilderSDK::AssetBuilderPattern::PatternType::Wildcard));
             materialBuilderDescriptor.m_patterns.push_back(AssetBuilderSDK::AssetBuilderPattern("*.materialtype", AssetBuilderSDK::AssetBuilderPattern::PatternType::Wildcard));
             materialBuilderDescriptor.m_busId = azrtti_typeid<MaterialBuilder>();
diff --git a/Gems/Atom/RPI/Code/Source/RPI.Builders/Model/MaterialAssetBuilderComponent.cpp b/Gems/Atom/RPI/Code/Source/RPI.Builders/Model/MaterialAssetBuilderComponent.cpp
index 9a92e7b762..35a903dac0 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Builders/Model/MaterialAssetBuilderComponent.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Builders/Model/MaterialAssetBuilderComponent.cpp
@@ -128,7 +128,7 @@ namespace AZ
             if (auto* serialize = azrtti_cast<SerializeContext*>(context))
             {
                 serialize->Class<MaterialAssetBuilderComponent, SceneAPI::SceneCore::ExportingComponent>()
-                    ->Version(21);  // material dependency improvements updated
+                    ->Version(22);  // more material dependency improvements
             }
         }