Based on KMier's answer, addresses the comment that this method poses a problem when the field to be padded is not a field, but the outcome of a (possibly complicated) function; the entire function has to be repeated.
Also, this allows for padding a field to the maximum length of its contents.
WITH
cte AS (
SELECT 'foo' AS value_to_be_padded
UNION SELECT 'foobar'
),
cte_max AS (
SELECT MAX(LEN(value_to_be_padded)) AS max_len
)
SELECT
CONCAT(SPACE(max_len - LEN(value_to_be_padded)), value_to_be_padded AS left_padded,
CONCAT(value_to_be_padded, SPACE(max_len - LEN(value_to_be_padded)) AS right_padded;