Cannot create required material because shader is null error is thrown on updating HDRP package to 10.0.0-preview.27. from 8.1.0.

Steps to repro:
1. Create a new HDRP template project.
2. Project Window > Click on "+" > Create Material.
3. Windows > Package Manager > High Definition RP.
4. Select 10.0.0-preview.27 > Install.

Actual Result:
Cannot create required material because shader is null error in the console.

Expected Result:
No errors in the console.

Reproducible in:
2020.2.0a20 with Package version 10.0.0-preview.27.

Working Fine in:
2020.2.0a20 with 9.0.0-preview33.

Environment:
Occurring on Windows 10 & Mac 10.15.

Stacktrace:
Cannot create required material because shader is null
UnityEditor.Rendering.VolumeProfileEditor:OnEnable () (at library/packagecache/com.unity.render-pipelines.core@10.0.0-preview.30/editor/volume/volumeprofileeditor.cs:13)