Paint hide material (7)
I believe the answer is:
oilskin
'material' is the definition.
(I've seen this before)
'paint hide' is the wordplay.
'paint' becomes 'oil' (oil is a kind of paint).
'hide' becomes 'skin' (a hide is an animal skin).
'oil'+'skin'='OILSKIN'
(Other definitions for oilskin that I've seen before include "Waterproof cloth as for sailors" , "Waterproof garment" , "protective cover" , "Raincoat" , "material" .)