The 37-year-old Irishman, British Open winner in 2019, said in a statement that his partnership with Kingspan, which dated back to 2017, was now at an end.
"Kingspan and I have mutually agreed to discontinue our sponsorship relationship, which we believe to be the right decision for all concerned at this time," said the statement.
"Neither party will be commenting further."
The Ryder Cup player, ranked 32nd in the world, wore the Kingspan logo on the sleeve of his shirts while competing.
The 2017 Grenfell Tower disaster in west London was Britain's worst residential fire since World War II.
Survivor groups have heavily criticised Kingspan, one of three firms that were singled out in last week's report.
The report exempted Kingspan, whose headquarters is in Cavan, northwest of Dublin, from responsibility for the spread of the fire.
But it found that the firm had "knowingly" created "a false market for insulation", had used "dishonest strategies" and had shown "a complete disregard for fire safety".
Survivors had previously accused Lowry of ignoring their appeals to ditch the sponsorship.
