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 cadb182d03..d55f202c03 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 = 116; // more material dependency improvements
+            materialBuilderDescriptor.m_version = 117; // new material type file format
             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>();