I suggest perforated metal. Special ordered it may be expensive,
Depending on the size of the panels, one simple source of perforated metal panels, is the metalwork made by manufacturers of standard 19" equipment racks. You can get perforated shelves, rack blanks, side panels, top panels, etc. I have used those on some studio desks where I wanted them to have as little effect as possible on the room acoustics, so instead of having solid rear surfaces on the desk, it was all perf panel, made from standard rack blanks. It's still not cheap, but as Andre mentioned, it's still cheaper than getting special order perf panel made up for you.
If you are just looking to keep the fabric taught and looking neat without the insulation making it bulge out, then what I normally do is to make the panel deeper and set the insulation back a bit form the front, and use some type of cheap plastic mesh to hold the insulation back. For example, the type of plastic mesh sold in gardening stores to control weeds, or keep insects off the plants, or even the type of mesh used to make fly-screens for windows and doors. Staple that about a half inch deep inside the front of the frame of your panel, stretched tight across, to keep the insulation in place. Then stretch your fabric across the actual frame itself.
In other words, if you want to use 4" insulation with 1x6 planks for the frame, then your frame will be 5-1/2" deep. So place the mesh 1/2" away from the front edge of the frame, put your 4" of insulation in, then more mesh an inch in from the rear of the frame (to prevent the insulation from bowing out backwards). So you have an inch air gap at the back, then mesh, then 4" of insulation, then mesh, then 1/2" of air, and finally the finish fabric across the front.
That way, neither the plastic mesh nor the insulation can touch the fabric, so it stays tight and flat across the front.
It works for ceiling clouds too. You can see how this technique gives a nice clean, crisp look to the panels, in these images from the control room at Studio Three Productions:
RDMOUS-Control-Room-Final-690x400.png
RDMOUS-M-CR-Side-.jpg
- Stuart -