What are you going to use the shed for? While foam is probably very good insulation, I think it would be expensive. Are you planning on doing it yourself? I doubt that you can get the machinery to spray foam insulation at your local rent-all store. So you probably would have to have the work done by a professional.
On the other hand, fiberglass is fairly easy for the do-it-yourselfer to work with. It isn't that expensive and requires no special tools. Depending on the construction used in your shed, fiberglass can be really easy to do (like between 2X studs). Fiberglass will not burn, but the craft paper or plastic covering the fiberglass will.
Another option is the blown in cellulose. I have used cellulose in attics and am impressed with how well it performs. It is inexpensive and fairly easy to blow into the space you want to insulate, using a blower that the insulation dealer will probably loan you. The cellulose works very well as flat attic fill. I have never tried it in walls, and would be concerned with it settling over time. It is not a good idea to use cellulose over some types of recessed light fixtures, but the cellulose is treated so it just about will not burn. I tried to burn some with a propane torch--it would singe, but it would not keep burning when I removed the torch.
I have seen things that had the interior foamed with no covering over the foam, usually vehicles. But in buildings, I think you need to cover foam to prevent damage to the foam. Drywall is easy to work with and will not burn, but it does not handle moisture very well. OSB works pretty well, and I have seen photos of shops that had metal interiors, similar to the metal outside.
Some types of foam are supposed to have the best R value per inch of all the common materials. But how good does the building need to be insulated? I am guessing that having foam professionally installed would be a lot more expensive than doing fiberglass or cellulose yourself. Good luck!
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