"Chemical engineering relies heavily on principles of thermodynamics, kinetics, and transport phenomena to design and optimize processes in various industries. Explain the theoretical underpinnings of these principles and their applications in key processes such as reaction engineering, separation processes, and process control. Discuss the role of thermodynamic laws in predicting and optimizing chemical reactions, as well as the importance of kinetics in understanding reaction rates and mechanisms. Furthermore, explore how transport phenomena principles govern the movement of mass, momentum, and energy in chemical engineering systems, influencing reactor design, heat exchanger performance, and fluid flow behavior. How do advancements in theoretical understanding drive innovation in chemical engineering, particularly in the development of sustainable processes and technologies?"