The most common and most likely answer to this crossword clue is the 8 letter word ISOPRENE
I've seen this crossword clue in The Guardian
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More clues leading to the result ISOPRENE
Buddy explains!

The straight part
We know that "rubber compound" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case rubber compound = isoprene.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does ISOPRENE mean?
ISOPRENE noun- An unsaturated hydrocarbon, C5H8, that is readily polymerized; natural rubber (caoutchouc) is cis-1,4-polyisoprene, and trans-1,4-polyisoprene is present in gutta-percha and balata; it is the structural basis for the terpenes.