This study details the synthesis and performance evaluation of a novel lightweight thermal and acoustic insulation material, resulting from the combination of a scleroglucan-based hydrogel and recycled rigid polyurethane waste powder. Through a sublimation-driven water-removal process, a porous three-dimensional network structure is formed, showcasing notable thermal and acoustic insulation properties. Experimental data are presented to highlight the material’s performance, including comparisons with commercially available mineral wool and polymeric foams. This material versatility is demonstrated through tunable mechanical, thermal and acoustic characteristics, achieved by strategically adjusting the concentration of the biopolymer and additives. This adaptability positions the material as a promising candidate for different insulation applications. Addressing environmental concerns related to rigid polyurethane waste disposal, the study contributes to the circular economy.