While a material is in the Material Editor or applied to an object, it is part of the scene, and is saved with the scene. However, for complicated scenes it is inconvenient to have all materials active in the Material Editor. You can also save a material by putting it into a material library. Some libraries are provided in the \matlibs subdirectory. The file 3dsmax.mat is the default library. You can add your material to this library, or create your own libraries.
To save a material in a library:
This stores a material in the current material library. To use a different library, first open it using the Material/Map Browser.
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In the Material Editor, click the sample sphere for the material to save.
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On the Material Editor toolbar, click Put to Library.
A Put to Library dialog is displayed. Either change the material name or leave it as is, and then click OK.
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Choose Rendering > Material/Map Browser, or, on the Material Editor toolbar, click Get Material.
The Material/Map Browser opens.
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In the Browser > Browse From group, choose Mtl Library, if necessary.
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In the Browser > File group, click Save to save the library with the current name (if any) or Save As to save it as a different file.
Tip: You can use the Merge function in the File group to add materials from the current library to another library.