Yes, but hot melt doesn’t stay attached to the silicone, if you bend the cable it peels. At least the tests i’ve done showed liquid tape to be better. The hot melt adhesive in the heat shrink is relatively stiff compared to the liquid tape.
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Thanks for the info
Is there a specific marine grade silicone you would suggest or recommend?
I’ve always used geocel marine silicone, but I’d imagine any of the others should work well. You can always test on a small piece of wire too.