Crafting is broken into several sections, found under the in game CRAFT tab.
It allows combining multiple items into a single Epic or even Legendary piece of Armor, Weapon, Magic, General or just redeeming them for Stat Points.
Crafting Components can be gained as random quest drops, quest boss drops, Raids and Guild Raids.
Collection Components can be received via random Quest Rewards, Gifting Components, Rewards from Helping other players complete quests. Collection components are usually redeemed for Stat Points, but may also have uses in other crafting recipes.