A composite material having physical characteristics equivalent to particle board materials bonded with resin-based adhesives that contain formaldehyde-urea is formed of reclaimed textile debris comprising fabric scraps and a latex based binder. The binder includes natural rubber latex, sulfur, an anti-oxidant agent and pH adjustment substances. The binder may also include selected amounts of zinc oxide, zinc diethyldithiocarbamate and a stabilizer. Production of the composite material includes mixing the constituents and vulcanization through the application of heat and compression. Cold compression is subsequently applied.