Not exactly sure what it is chemically, all I know is that its bulletproof. The antique car guys use it to coat car chassis parts.
basically, my car buddy says that its the stuff that all the hot rod and street rod guys are using to preserve all their junk. Its not a paint per se, more of a coating. He says that if its going to be exposed to sunlight for long periods of time, then you really should paint on their supplied primer and then put a topcoat of something on it to protect it. He says overall, that he trusts this stuff more than galvanization to protect from rust.
He says a simple internet search will provide answers to your questions