Items like spider armor or Monking sword or turtle armor should be called after their ingredients, like spider leather armor, Monking bone sword and turtle scale armor.
If you want a sword from dragon bones, you wouldn't call it dragon sword, you would call it dragon bone sword. If you say "horse armor", you mean an armor for your horse most of the time and not an armor made out of horse leather or pelt. Because of these confusing things I think we should change the names slightly.