Yes it is very similar, Plumbers and Electricians use it, it keeps water out, and protects joints, Years ago it used to be Horrible! stuff but the stuff you get now is so easy to use. I think my mate who gave me some got it at Maplins, give them a try, you will only need a few inches, I think I wrapped it around twice and that allowed the Coaster to bite into it and it has never ever moved.
HW 77 V glide kit by Steve Pope
8-40x56 Custom Shop.
HW 101. Big Nikko. Ginb FT Stock.
Webley Omega, Gas Ram.
Rohm Twinmaster Trainer.
Red Dot Sight.