For structural material, OSB (oriented-strand board) is just as strong as plywood and significantly cheaper. (Note: this is not the same stuff as
particle board.) For fire protection, the easiest thing to use on the inside is gypsum drywall. It takes quite a bit of heat to drive off all the
water of hydration. As long as you're present when the fire starts (that's an important caveat), you'll have plenty of time to put out the source
before the drywall fails.
. . .
Just be aware that everything inexpensive is somehow a compromise. If you aren't paying for an impervious cladding, you don't want to generate a lot
of free solvent vapors in the hood, as they'll absorb into the walls and desorb over time, even when (especially when) the fan is off.
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