you can buy a wrap that is made for exhaust pipes but I can tell you it will make the pipe fall apart in about 2 years I had a problem with the exhaust pipe making too much heat inside of the engine cowling on my plane while I lived in Wyoming it was fine wrapped pipes, I moved to Va. and the humidity allowed the pipe to rust under the wrap and I had a fire from the pipe burning out while flying. I think you will be fine though on your bike it will still get hot but not as hot as if it wasn't wrapped. You don't have to try to pull over on a cloud to check out the smoking! I was over a Forrest fire at the time and thought it smelled funny as Id never smelled a forest fire like that and the plane didn't do anything strange wasn't until I was on the ground and some one said your plane has a smoke streak all along the side of the fuselage. I checked it out and the rear pipe had burned a hole into the battery I never saw any change in the volts or amps in the plane very strange thing to happen and it was a brand new battery Advance auto exchanged it with no questions asked I said it got hot and melted. Sort of the truth it did get hot and melted but it had help. Got way off in left field but I wanted to tell the story I'd heard that the wrap will cause the pipes to hole out. It took a while for it to happen. One thing the wrap works to keep in the heat. I now use a ceramics(I hope spell check got that right) coating on my exhaust pipes.It holds in the heat but not near as good as the exhaust wrap, but you can polish the ceramic coating to a silver chrome like finish I didn't, so the pipes are a dull silver finish.
Norman.