Turbochargers generate a lot of heat that can damage nearby parts and components under the hood. To prevent this from happening in your vehicle, you may install a turbocharger heat shield or blanket that will keep that heat where it should be and block its spreading throughout the engine bay. Even if you drive a factory turbocharged vehicle without a heat shield, it is always a good idea to wrap your turbo in order to protect plastic parts and components located close to it from melting. This will prolong their service life and save you lots of headache in the long run.
Heat shields and blankets are available in an array of designs as well as are made from different materials, including, but not limited to, stainless steel and fiberglass, to fit different applications. There are custom built heat shields and blankets designed to fit a specific type of turbochargers and universal wraps made to match just about any turbo. It is going without saying that custom built heat shields and blankets ensure a more accurate fit and therefore better heat insulation, which is why they should be your preferred choice if you're looking for optimum heat protection.
A turbocharger itself is not the only source of heat in the engine bay. The exhaust feed piping that usually goes from just after the exhaust manifold to the turbo and after it to the catalytic converter also gets extremely hot during engine operation. Having it wrapped along with the turbocharger will reduce the overall temperature under the hood, improve the efficiency of the engine cooling system, and increase exhaust gas velocity resulting in improved turbocharger performance. It can be a metal heat shield or flexible heat-resistant material that will prevent heat from escaping the piping.