PVC foam is actually a better insulator than MDF, an R value of around 1 vs 0.5 for 1/2" of each.
I'm in the UK so it might be different but melamine faced MDF and chipboard is available in a variety of thicknesses and 1/2" or 12mm is quite common. It, along with raw MDF, is also available in moisture resistant varieties for use in bathroom furniture.
Foam like Komatex is about as heavy as MDF of the same thickness but is waterproof.
There are also some lightweight boards available which have corrugated paper between MDF skins but these are quite expensive.
If you're planning to use a wood based material I'd definitely recommend a melamine faced board over raw MDF. You can always paint or apply a waterproof sealant to raw MDF but it will end up costing more and taking longer. If you need high humidity or a lot of moisture then plastic is your best option.
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