In the last few years, spray-on coatings have been promoted as a final solution to painting. Some installing contractors even give a 20 to 25 year warranty on the product. There have even been claims of huge energy savings.
Here is a different opinion.
There is a thick coating that has had a good track record when applied to non-organic surfaces such as stucco or poured concrete. These products do not expand and contract at the same rate as organic products such as wood siding or wood derivatives such as plywood, chipboard or cellulose fibers. The thickness of stucco and poured concrete make the passage of moisture from behind the paint unlikely. In a typical home, moisture is generated in the interior of a structure from breathing, bathing, washing clothes and dishes. A certain percentage of this moisture will pass through the walls. If the coating on the exterior of the siding does not breathe, trapped moisture can lead to mold, mildew and even rot. Another concern is the remedy if a warranty issue is raised. Frequently, the coating will fail because the paint beneath has failed. The coating is chipping and peeling because the paint beneath is chipping and peeling. This is usually not covered by the warranty. If a repair is attempted, the new coating is usually not the same shade as the rest of the wall, because of fading and soil accumulation on the surrounding area.In Tennessee, the Federal Trade Commission sued a contractor because of the performance of one of these coatings. Before purchasing this product, you should speak to several prior customers who have had the product installed for at least five years. You should read the warranty very carefully to determine exactly that is covered and by whom.
http://www.neo.state.ne.us/neq_online/sept2002/sept2002.09.htm

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