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The branch of engineering that deals with the application of physical science with mathematics, to the process of raw materials or chemicals into more useful or valuable forms.
Mass and Energy Balances are what could be termed "The Chemical Engineer's bread and butter". Every problem that a Chemical Engineer encounters relies on a basic understanding of the concepts presented as mass and energy balances. The main concept from this topic is that "what goes in, must come out". Or in more professional terms, "In - Out + Generation - Accumulation = 0".
As for what is going in or coming out, that can be any number of things:
This can also refer to lesser known items in the Chemical Engineers tool bucket