"How does chemical engineering theory form the foundation for various industrial processes? Discuss its role in designing, optimizing, and controlling chemical reactions, as well as its application in areas like petrochemicals, pharmaceuticals, and materials science. Explore key principles such as mass and energy balances, thermodynamics, reaction kinetics, and transport phenomena, and their integration into process design. Additionally, consider advancements like computational modeling and process intensification, and their impact on efficiency and sustainability. How does this theoretical framework enable chemical engineers to innovate and address complex challenges in fields ranging from environmental remediation to renewable energy production?"