Never heard of that, but I guess it could be a thread sealant. They sell pipe thread sealant that may work, but I’d first want to know it was compatible with the BC materials. Cressi should be able to recommend something.
But, if you are just replacing the inflator, you shouldn’t need to mess with the hose. The inflator is most likely attached to the hose with a zip-tie. Just cut the zip-tie, and the inflator should come loose.
One note. If you have a pull-dump, there will be a pin at the base of the inflator, the pin will have a line or cable connected to the dump valve at the other end of the corrugated hose.