Mike wrote:

The Thermo-ply is attached to the studs/framing. Then the siding is
installed over the Thermo-ply using nails that go through the Thermo-ply
and into the studs/framing.

I no not believe that it has much if any R/insulation value.

http://www.covalencecoatedproducts.c...thermoply.html

The shed company website says "R-11". I don't know how significant a
rating that is though.