I think the nature of the noise needs to be well understood before selecting a product or method. I don't think either of those products by themselves are likely to solve many noisy pipe problems.
"noisy pipes" sometimes are airborne noise radiating from the pipe full of noisily flowing liquid. That can be >>contained<< by lagging which is effectively an enclosure compliantly mounted (over mineral wool?) to the pipe.
Sometimes the complaints stem from "structure borne noise" getting into the building, etc via the pipe mounts or even points where the vibrating (from noisy flow, or the pump vibration, etc) piping simply touches drywall or anything else. Then the path must be broken or made very soft/compliant. Pipe coverings have no effect structure borne noise.
Some good descriptions of noise control here, looking a lot like the out-of-print info from B&K.
