CF can be used as heat shields, but beware not all CF will work. As someone said CF is often used in motorcycle mufflers, but only the good quality ones, a lot of the cheaper mufflers use a thin steel outer case with just a CF outer skin. I think it's the quality and thickness of the CF and the resin that is used to withstand the heat. We actually liked the metal motorcycle race mufflers because they can suffer an amazing amount of damage and still function, CF not so much.
Graham