I was also wondering this and as I looked around found the following info to be informative:
https://www.jcmmachineandcoatings.com/thermal-management/
Thermal management, as it applies to an internal combustion engine, is the idea of controlling heat and friction in order to attain the maximum performance, fuel economy, and longevity through the use of ceramic coatings. This is done through the use of thermal barriers, thermal dispersants, and dry film lubricants. Each of these categories is explained in detail in their corresponding pages.
To fully understand the idea of thermal management, you must have an understanding of the first two laws of thermodynamics, they are as follows:
1st law - The law of conservation of matter and energy - Matter and energy cannot be created or destroyed, only changed. For example when you burn a piece of paper, it is not gone; it has changed into ash and smoke.
2nd law - This law states that heat has direction, it moves from an area of a large amount of heat to an area of a low amount of heat in order to achieve thermal equilibrium. Just as a hot cup of coffee cools off, the high amount of heat in the coffee is released into the surrounding atmosphere. Another example is an ice cube melting; in this case the heat in the atmosphere is absorbed by the ice and cool water to become the same temperature as the surrounding air.
Good Read as presented on this subject from Clemson University.
Advanced Thermal Management for Internal Combustion Engines.pdf
SAE has a document they sell on this exact subject for maximizing engine performance.
https://www.sae.org/publications/technical-papers/content/2006-01-1232/
Advanced Thermal Management for Internal Combustion Engines - Valve Design, Component Testing and Block Redesign
Advanced engine cooling systems can enhance the combustion environment, increase fuel efficiency, and reduce tailpipe emissions with less parasitic engine load. The introduction of computer controlled electro-mechanical valves, radiator fans, and coolant pumps require mathematic models and real time algorithms to implement intelligent thermal control strategies for prescribed engine temperature tracking. Smart butterfly valves can replace the traditional wax-based thermostat to control the coolant flow based on both engine temperature and operating conditions. The electric water pump and radiator fan replace the mechanically driven components to reduce unnecessary engine loads at high speeds and provide better cooling at low speeds. However, implementation of electro-mechanical actuators including the alternator and electrical storage devices introduces inefficiencies in mechanical to electrical energy conversion (and electrical to mechanical energy conversion), which may require increased fuel consumption over pure mechanical components. Empirical models can provide realistic component data used in simulation tools during the development process, and also define the basis for cooling system control algorithms. In this paper, a general framework to derive these empirical models is investigated for thermal management systems where the engine temperature must be accurately controlled in both steady state and transient operation. The evolution of automotive cooling systems also requires a paradigm shift in the engine block design. The design changes include isolated cylinder water jackets, temperature sensor arrays, and distributed smart valves to enable distinct cylinder-by-cylinder temperature maintenance for optimum combustion. This paper explores the introduction of a ‘coolant rail’ to accommodate specific cylinder temperature control defined by an on-demand cylinder dependent cooling strategy.
WOW, ? SAE even has a paper on Modeling of an Electric Thermal Management system
https://www.nrel.gov/docs/fy15osti/63419.pdf
Very interesting info on thermal management fluid loops for EV auto's batteries, cooling and heating systems.