There are a lot of reasons why CDs fail to play correctly.
A case of "CD rot" -- i.e., oxidation of the aluminum layer -- is very, very rare in all but the earliest replicated discs. It can be identified with the naked eye as black layers of oxidation that slowly spread across the metal layer. The change in reflectivity is what makes the oxidized areas unreadable.
The cause of this is leakage of air onto the surface of that thin layer, usually through physical damage (like extreme flexing) or because of manufacturing QA failures.
If you don’t see black aluminum oxide patches on the reflective surface of a misbehaving disc, there’s a different reason why the CD is not playing correctly.
Much of this, btw, doesn’t apply to recordable CDs -- which use far more sensitive dyes -- and to early DVDs, which are more susceptable to oxidation because of their multi-layered physical construction. It also obviously does not apply to gold CDs, since oxidized gold has the same color and reflectivity as elemental gold.
I can't speak authoritatively to the point, but I'd expect that, barring physical damage, oxidation "rot" is unlikely on any disc manufactured in the last decade or two.