Water Pipe Insulation
Asbestos was a common building material used in homes built prior to the eighties. It has fantastic properties for building unfortunately there are some associated health risks.
The white insulating wrap on this heating pipe likely contains asbestos a test would be needed to confirm.
If left undisturbed asbestos is harmless. When disturbed its fibers can become airborne and may be inhaled, this should be avoided as it can have serious health repercussions.