I bought a set of headers once and even though they were stainless, wrapping them would void the warranty. Ceramic coating was the suggestion of the guy who ran the company I bought them from.
Stainless steel is not oxidation proof, and with the heat present in an exhaust, the oxidation process is accelerated.
So take what you want away from that; if long term longevity is not high on the priority lost, then maybe wrapping is an option for you.
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