It’s cheap, highly available, easy to install, cures quickly, produces very little running noise, and can be removed easily for the next replacement.
Unfortunately, it wears and settles as an absurdly slow-moving liquid when subjected to extreme pressure, like say under the tires of a truck or bus, and it retains heat due to its chemical properties and low albedo (absorbs more light than it reflects, hence it retains the heat energy).
It’s a tradeoff that needs careful consideration, but the pros often outweigh the cons.
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