There are two ways to insulate the outside of concrete spas. The first way is to shotcrete the spa and then glue Styrofoam to the outside of the concrete shell or to spray the insulated foam to the outside surface. The second way is to use the ICF (insulated concrete form). You would only have to use one side of this form system. This system would act as the outside form so that the shotcrete could bond to the foam. This type of system has foam insulation thicknesses from 1 to 4 inches thick. Yes, it can be fitted to form circles. Each ICF system is different, so some research would be needed to see which system would work the best. Since most spas are formed up before they are shot, the ICF system would serve two purposes: forming and insulation in one step.