Mojimee:
You are not being clear and concise in your query. You use the term “expensive” in trying to compare one process with another. What, specifically, do you mean by “expensive”? As a chemical engineering student, you should already be aware and instructed as to the various expenses involved in any process project: Capital Investment and Operating Costs. This is process economics and should be a university course that you are familiar with. In order to obtain a rational and accurate response to your query you must be specific and accurate in your description. Of course, this takes what I call “thinking” work and writing and constitutes the greatest work effort of any engineering career: you have to accurately explain and communicate with other engineers and those working under you if a process is to be designed, built, installed, and operated in an accurate and safe manner.
If you are referring to Capital Costs, then you have to identify the specific process and the major equipment involved - including sizes, pressures, alloys, licensed equipment, location, currency involved, etc. I know of no available and easily obtained "paper" or economic analysis that you can quickly use to resolve your problem. Every investment is analyzed on a case-by-case basis in my experience. If this is a university level assignment, then the path to resolution is to sketch a flow diagram of the entire process and make a section-by-section economic analysis as to Capital Cost involved. If the question is a philosophical one, then tell us and we can give our capital estimates "off the top of our heads".