VRayBlendMtl can be used to layer several V-Ray compatible materials in an efficient manner. It can be used to create complex materials like car paints, human skin (when used with VRayFastSSS2 as a base material) etc.
You can use the VRayMtlSelect render element to split the different sub-materials of VRayBlendMtl into different render elements.
VRayBlendMtl takes a base material and applies other materials (coatings) on top of it. This works like a stack, where each coat material blends between its own shading and that of the materials below it in the stack.
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Image courtesy of Xiao D
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UI Path: ||Right-click on the geometry|| > Assign New Material...
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||Right-click on the geometry|| > Assign New Material... > VRay section > VRay Blend Mtl