I believe there is a difference in the insulation you get at a hardware store for pipe insulation vs what is used in the HVAC trade. The latter appears to be more of a closed cell foam vs what the hardware stores sell to insulate your water pipes with. It may still work, but not as well. The closed cell stuff if memory serves correctly is not slpit down the side like the water pipe insulation. It is designed to slide on before you make up your last joint.
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