"How does the application of chemical engineering principles contribute to the theoretical understanding of various processes, reactions, and phenomena within the realm of chemistry and related fields? Explore the foundational theories underpinning chemical engineering, including thermodynamics, transport phenomena, reaction kinetics, and process control. Discuss the role of these theories in designing and optimizing chemical processes, developing new materials, and addressing environmental challenges. Furthermore, analyze how advancements in theoretical frameworks drive innovation in areas such as sustainable energy, pharmaceuticals, and nanotechnology, shaping the future of chemical engineering practice and its broader impact on society."