Is this inside a bulkhead and maybe I don't understand what you are trying to achieve. I'm not trying to be sarcastic, but why bother? If you want to tidy it up the walls a bit, maybe just repaint them. Seems like a lot of time and expense for an area you don't really see much of. In all of the houses I've worked in and bulkheads I've replaced, I have never seen a covering on the walls.

 

Painting concrete outside is never a good idea.
You will be gluing to paint not concrete and you are hoping the paint is well stuck to the concrete.

 

Thanks for your comments. Maybe these pictures will help. Trying to make this look a little better and thought of the PVC cover.

 

Thanks for the pic's. I'm still inclined to scrape and repaint. If it was Drylok on there before, stay with that. As Neal said, anything you paint on concrete will eventually be weathered off and/or pushed off by hydrostatic pressure coming through the concrete, but it might be something you only have to do every 3-5 years although cleaning is probably a yearly chore. If you go with PVC, how would you cover/seal the joints between panels?

 

According to your photos, the house side wall looks clean, but the other side shows signs of water damage, green and mildew. If there's moisture coming through that wall, nothing will adhere very well.

Does the area against the outside wall drain well? If there isn't any water intrusion, your idea of applying plastic panels is a good one.

 

See the panels they put on the ceiling.
Fast & Final Walls: No Tape, Mud or Paint | Durable and Easy to Clean

 

See the panels they put on the ceiling.
Fast & Final Walls: No Tape, Mud or Paint | Durable and Easy to Clean

That's stuff is kind of cool. Never saw it before. Would you strap the concrete first and then apply the wall panels?

 

I would pin it with hanger nails and nylon trimmer string, 3/16" concrete drill bit.

 

Vertical strapping and horizontal siding.