Hi Ankit,
In my opinion, a good definition would be the following (most the times):
1) When an object is damaged, it can be repaired by a maintenance: If yes, this object is equipment.
2)When an object is damaged, it can not be repaired, ie it has to be replaced it is a material
For example: A motor(is equipment),has piecesthat can beclassifiedas equipment andotherlikematerials (spare parts).
block (of engine) would be an equipment too
bearing would be a material
sometimeswe havea set ofmaterials,this would bean assemblymaterials
tks
Dimas Faria