A liquid coating is known for two important advantages: it's odorless and inexpensive. Roughly, a liquid coat on photographs or packaging might cost about a penny per square foot of hardened liquid coat. Furthermore, it's known for high gloss, making it good for photos. The liquid coats provide a basis for other additives for chemicals like “light stabilizers” or “UV absorbing” chemicals. These both protect the finish and bring out different colors more brightly. An important advantage here is, therefore, the modifiable nature of the liquid over the film.
The PVC, or plastic, lamination is a film called “Plastisol.” Plastic lamination is used for more industrial products like packaging, teeth bonding, vinyl flooring, tube coating and inks. The film dries immediately. Unlike the liquid, PVC is very heavy duty, and is almost totally weather resistant. Its adhesion is legendary, and with a simpler application process. While the liquid can have UV protection added to it for an extra cost, the PVC comes with this standard feature.
Liquid coatings dry a bit slower than the plastic. Because of the slow drying time, a sealer or manufacturer in a rush might smudge or otherwise mar the coating's properties by moving too quickly. It does not protect against many chemicals and is not totally weather resistant. Applying the liquid is a slightly more painstaking process than merely applying the film. Part of the application of the liquid is the waiting time it takes to adhere to its surface. The PVC adheres immediately. In some cases, the low absorbency of a certain surface, like granite rock, will make protecting it with the liquid very difficult.
PVC film is far more expensive than the liquid. It's less clear than the liquid, and might not be a good idea for photos or applications where it's protecting an image meant to be seen. The odor of the PVC is another problem. When applied to certain objects like furniture as a sealant, it does not provide the sheen that made the liquids so successful as a laminate.