Abstract: There is provided an expandable phenolic resin composition comprising: a phenolic resin; an acid curing catalyst for the resin; a foaming agent; and a surfactant, wherein the foaming agent comprises a hydrocarbon-based foaming agent; and the surfactant is a polyoxyethylene alkyl ether having an alkyl ether moiety having 14 to 22 carbon atoms, and the content of the surfactant is 0.01 to 10 parts by weight relative to 100 parts by weight of the phenolic resin.