Tileboard repair or replace

[acla6398]

When we remodeled my husbands childhood farmhouse to live in,about 10 years ago, we saved where possible and used a faux tileboard as bath surround. Needless to say the painted surface is now peeling horribly. The board was noted for tub use, the best i can recall ,and appears as if the paint is the only problem. any suggestions as to what i can do to avoid total replacement or is that my wisest option??.