Anytime there is a difference in temperature between a pipe and the surrounding air there WILL be a risk of condensation/sweating.
An exhaust pipe carrying warm bathroom air thru a possible cold (winter time) attic area could condensate. Therefore, play it SAFE and insulate (fiberglass wrap) With no insulation on the pipe you could end up in time with a repair job to your bath room ceiling due to exterior pipe condensation seepage into the ceiling, plus possible mold in the attic.
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