You say that the shed is metal.
You need to insulate the walls and roof, or there will be terrible problems with condensation and rusting of any steel within the building!
You will be surprised just how much condensation will drip off an uninsulated roof, down you neck, and onto anything that you do not want corroded!
I would suggest glassfibre with a vapour barrier between the insulation and the inner wall and roof lining.
If possible install vents at high level and at floor level. The low level vent will allow moist air to exit, and the high level one for drier air to enter. If the door and any window(s) are well sealed, you may need to install a fan to draw in fresh air from a high level weatherproof vent.
My wooden shop has 19mm external cladding, 50mm glassfibre, and then 12mm ply inner cladding, on walls and ceiling, with almost no problems of rust in the fifteen years that it has been there.
If the roof is going to be flat, (Nominally; allow a fall for water to drain off into a gutter).rather than felt, my advice would be EPDM rubber.
Don't forget to make provision for the wiring/sockets, shelves / brackets that you will be using, before you finally install the inner cladding. Hardboard is not suitable, it warps. If in doubt thicker rather than thinner!
Better too many sockets rather than too few, and put them on a ring main, ideally fed through a separate consumer unit with a RCD and MCBs. Along as you are not dazzled, have plenty of light, both general, and worklights on the machines.
Enjoy!
Howard