In plenty of situations, we want to trap heat and slow down its flow, or stop the flow of electricity and prevent electric shocks. Plastic, rubber, wood, and ceramics are good insulators. Bubble wrap is an excellent a small pockets of air trapped within the bubbles. During the winter, bubble wrap can effectively protect your home or greenhouse against the cold penetrating inside and prevent heat from moving out. But other hand, bubble wrap a bad insulator of heat. Bubble wrap is full of air which has a very low thermal conductivity. It does not conduct heat well. Plus, since the air is contained in bubbles there is little air movement to advect heat well.
For thermal insulation
The principle is used industrially in building and piping insulation such as (glass wool), cellulose, rock wool, polystyrene foam (styrofoam), urethane foam, vermiculite, perlite, and cork. Trapping air is also the principle in all highly insulating clothing materials such as wool, down feathers and fleece.
Microtherm@ which is a composite of titania, glass fibers, and fumed silica is used for current trend of thermal batteries. This insulation is the best commercial insulation available commercially.