My daughter hung a shower curtain over her pipes It's easy to access the shutoff valves

You can do what we did, which was attach a peel and stick wallpAper to camouflage pipes and brackets and then installed shelves. Would just require some clever planning around those pipes. Maybe industrial style pipe shelving so they look like part of the built ins?

A shower curtain is a great idea. Are there two spots you can install a tension rod for it? Alternatively, eye hooks and invisible wire. Use clothespins to hang lightweight fabric.

you could fir out the wall just past the pipes, and nail on wood planks. actually you would screw them in since if you needed to access the pipe, you could just unscrew the plank and remove.

you could also make a hinged panel out of the wood if you need it over a control panel or something you'd have to get to quickly.

in fact, I just noticed this blogger did the exact same thing!

hers isn't all that pretty, but you'll get the how to's.

https://www.notjustahousewife.net/home-depot-giveaway/

btw, for the wood, try Craigslist. people often give away random building materials. HD sells those fir strips of wood and they aren't that expensive.

for the plank wood, use hardwood flooring (I did this on a ceiling and on a wall in my sons room) you can find discount wood floors at floor places that have random lots on sale. craigslist,,,people have small amount of flooring, tile, etc, leftover. You can use pallet wood. or buy a sheet of plywood and cut your own ship lap type of planks. Use beadboard. pegboard, regular plywood and cover w/paint or wallpaper. lots of ideas.

Thanks for the ideas, all. I considered the curtain idea, but I am hoping to make the wall functional for shelving and storage, not just to hide pipes. Otherwise, that would be a cheap and easy winner. I like the framing out and wood plankS, if I can figure out how to do it affordably it would make a big impact on the space. The painted pegboard may be an inexpensive alternative to wood planks.