Abstract: A thermal insulating material which includes silicone coated perlite providing thermal insulation, powdered perlite to fill in the gaps between the silicone coated perlite particle, and a specially formulated binder for the perlite. The binder has a powder portion comprising a mixture of gypsum and cement for strength and a liquid portion comprising polyvinyl acetate, a colloid and water. After these materials are mixed in proper proportions, water is added to provide the fluidity necessary for application, such as by spraying or molding into prefabricated panels.