I have seen pipes that were wrapped that were disinegrated when unwrapped. I would never wrap. I have no personal experience with coating.

 

I don't know about motorcycle exhausts but I had a set of factory shorty headers for my '65 Ford F100 Jet-Hot coated inside and out. The before and after results were very noticeable. The most noticeable was the reduced heat around the headers and in the engine compartment. The coating is called Sterling. I'm not sure the difference between that and ceramic coating.

The big time drag racers like John Force uses this type of coating on his cars.

The picture is when I first got the headers back from Jet-Hot.



This is what they looked like after about 1 year.

 

wrap will hld moisture and rot the pipes.

 

I had mine wrapped on my 08 RG for 3yrs and I never had one problem. It cut down on the heat more than I would have thought. When I changed out to a 2-1 pipe the wrap was hard and brittle,but not the pipes at all. I just recently helped a friend wrap his on a 2011 SG and the main thing I did both times was use a whole can of High Temp Exhaust paint one coat at a time and that stopped any fraying of the wrap over time and washes. Good Luck.

 

I have wonder why Harley or some after market company doesn't try reducing the heat problem on the exhaust system with an improved insulated medal chrome exhaust heat shields (not frame air deflectors).