Right-click on the component to open V-Ray Material from File context menu.The Library Materials command allows you
to load any of the built-in material files from the V-Ray preset material library. Note that this command does not allow loading materials from custom locations added to the Asset Editor's Material Library panel..Use the options to import your materials or use the material presets from Material Library or Cosmos Materials.
Note that invalid input file paths are auto-resolved as long as the files reside at the same location as the .gh project file