this invention relates generally to water resistant peelable protective and decorative clear or pigmented coating compositions and , more specifically , to aqueous and solvent based , polymeric coating compositions which form a protective and / or decorative coating and is removably adheres to a variety of substrates , including automotive paints , metals , glass , vinyl , plastics , concrete , natural and synthetic elastomers , and ceramics . the coatings can be either a flat film on the substrate , or a three - dimensional expandable foamy coating , and can be readily peeled off from the substrate as a whole piece . the coatings may be formulated for temporary or long - term protection depending upon the application . the peelable coatings can be applied as a paint , paste , film , or expandable foam cord whereby the expansion of the foam can be controlled by the formulation and applicator .