Editing Bitumen (section)

== Economics ==
Although bitumen typically makes up only 4 to 5 percent (by weight) of the pavement mixture, as the pavement's binder, it is also the most expensive part of the cost of the road-paving material.<ref name="whats_in_your_asphalt_2017_09_fhwa" />

During bitumen's early use in modern paving, oil refiners gave it away. However, bitumen is a highly traded commodity today. Its prices increased substantially in the early 21st Century. A U.S. government report states:
:"In 2002, asphalt sold for approximately $160 per ton. By the end of 2006, the cost had doubled to approximately $320 per ton, and then it almost doubled again in 2012 to approximately $610 per ton."<ref name="whats_in_your_asphalt_2017_09_fhwa" />

The report indicates that an "average" 1-mile (1.6-kilometer)-long, four-lane highway would include "300 tons of asphalt," which, "in 2002 would have cost around $48,000. By 2006 this would have increased to $96,000 and by 2012 to $183,000... an increase of about $135,000 for every mile of highway in just 10 years."<ref name="whats_in_your_asphalt_2017_09_fhwa" />

The Middle East is a significant exporter of bitumen, particularly to India and China. According to the Argus Bitumen Report (2024/07/12), India is the largest importer, driven by extensive infrastructure projects. The report projects a CAGR of 4.5% for India's bitumen imports over the next five years, while China's imports are expected to grow at a CAGR of 3.8%. The current export price to India is approximately $350 per metric ton, and for China, it is around $360 per metric ton. The Middle East's strategic advantage in crude oil production underpins its capacity to meet these demands.<ref name="Bitumen Price">{{cite web |title=Growing Demand for Middle Eastern Bitumen Price|date=19 July 2024 |url=https://www.gulfrequest.com/post/the-growing-demand-for-middle-eastern-bitumen-in-india-and-china |access-date=25 July 2024}}</ref>