The Material Editor tools are found in the Object properties as shown below.

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Browse

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Browse to material in the library.

Eye Dropper

Pick material from the scene.

Texture preview

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View and drag and drop textures.

Apply material from library

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Select a material from the library and click to apply.

Reset Material

Reset the material to its original state.

Save material

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Save any material to library. You can save an edited material from the library, or save one that has been created by adding texture maps to the material.