It is delamination of the wall. It could be water intrusion which caused damage to the Luann material in the wall. Or it could be that the glue simply let loose. There really is not a repair for the issue. The laminated wall is part of the structural integrity of the trailer.
If you plan to keep the trailer, the best thing to do is to thoroughly check the roof and all side wall penetrations, such as windows, door, lockers, etc. for leaks. Reseal the trailer and get the leaks stopped.
Ken
Amateur Radio Operator.
2023 Cougar 22MLS, toted with a 2022, F150, 3.5L EcoBoost, Crewcab, Max Tow, FORMER Full Time RVer. Travel with a standard schnauzer and a Timneh African Gray parrot