Fetching details from the dictionary...

to peel off; to come off; to flake off; to be worn off
to fade; to discolor; to discolour
古い壁のペンキが日差しで剝げてきている。
The paint on the old wall is peeling off from the sunlight.
古い壁のペンキが大きく剝げた。
The paint on the old wall peeled off significantly.
看板の文字が風雨で剝げている。
The letters on the sign are peeling off from the wind and rain.