If your ceiling is 8' you have about 2482 cubic feet. This is a very nice volume... and better if your ceiling is higher.
The 2" auralex panels are similar in performance to about a 1" OC 703 panel. This is due to the wedge. The auralex offers better off axis absorption whereas on an OC 703 panel the fabric cover usually determines this factor.
My suggestion would be to use a thicker product in a room of your size, however, that depends on the room use. Control room or Tracking room? The acoustics of these room types will differ greatly.
Either type of room requires corner trapping depending upon design and response. Mode calculations should be done in either case and trapping designed applicable to your room.
Cheers,
John