Likely the same material, but made for electrical use rather than liquid. The material I used came in several thicknesses, with flexible metal zippers that could even be used around a bend if necessary, and cut to the length desired.
After a large cable tray fire we had to isolate lines and be sure their insulation from each other wasn't endangered. Once the burnt section was pulled out of the plastic mess, we would cut off back to the unburnt section, discard the burnt pieces, and splice in new lengths between the good ends.
It might be just as easy to put a stretchy rubber layer of tape (again, industrial electrical product) and then a layer of Scotch 88 lapped over the rubber. The rubber layer provides a waterproof and rub resistant layer, and the Scotch 88 is the finish layer.
In any case, please do consider if the metal wiring inside the cover has been overheated, it must be replaced completely. Overheated copper does not have similiar properties of conduction and resistance as good copper.
Mike