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This insulation has a high rate of flame spread. As such, firecodes require that it must be covered. There is no insulation benefit to painting the insulation. If this is not for use in an occupied structure- archery targets?- Rustoleum claims to have a paint for all surfaces including plastics. Latex paints do not spread well on plastic, and oil paints use a varity of vehicles- many of which disolve plastics.
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General C&ontractor
35 years of troubleshooting construction, remodel, component & material failures. What to do next