diff --git a/core/src/main/java/io/micronaut/core/convert/ConversionContext.java b/core/src/main/java/io/micronaut/core/convert/ConversionContext.java
index 0a088325030..d06f0289ea6 100644
--- a/core/src/main/java/io/micronaut/core/convert/ConversionContext.java
+++ b/core/src/main/java/io/micronaut/core/convert/ConversionContext.java
@@ -44,32 +44,32 @@ public interface ConversionContext extends AnnotationMetadataProvider, TypeVaria
     /**
      * Constant for Boolean argument.
      */
-    ArgumentConversionContext<Boolean> BOOLEAN = ConversionContext.of(Argument.BOOLEAN);
+    ArgumentConversionContext<Boolean> BOOLEAN = ImmutableArgumentConversionContext.of(Argument.BOOLEAN);
 
     /**
      * Constant for Integer argument.
      */
-    ArgumentConversionContext<Integer> INT = ConversionContext.of(Argument.INT);
+    ArgumentConversionContext<Integer> INT = ImmutableArgumentConversionContext.of(Argument.INT);
 
     /**
      * Constant for Long argument.
      */
-    ArgumentConversionContext<Long> LONG = ConversionContext.of(Argument.LONG);
+    ArgumentConversionContext<Long> LONG = ImmutableArgumentConversionContext.of(Argument.LONG);
 
     /**
      * Constant for String argument.
      */
-    ArgumentConversionContext<String> STRING = ConversionContext.of(Argument.STRING);
+    ArgumentConversionContext<String> STRING = ImmutableArgumentConversionContext.of(Argument.STRING);
 
     /**
      * Constant for List<String> argument.
      */
-    ArgumentConversionContext<List<String>> LIST_OF_STRING = ConversionContext.of(Argument.LIST_OF_STRING);
+    ArgumentConversionContext<List<String>> LIST_OF_STRING = ImmutableArgumentConversionContext.of(Argument.LIST_OF_STRING);
 
     /**
      * Constant for List<String> argument.
      */
-    ArgumentConversionContext<Map> MAP = ConversionContext.of(Argument.of(Map.class));
+    ArgumentConversionContext<Map> MAP = ImmutableArgumentConversionContext.of(Argument.of(Map.class));
 
     /**
      * In the case where the type to be converted contains generic type arguments this map will return
@@ -168,7 +168,10 @@ public Map<String, Argument<?>> getTypeVariables() {
     }
 
     /**
-     * Create a simple {@link ConversionContext} for the given generic type variables.
+     * Create a new simple {@link ConversionContext} for the given generic type variables.
+     *
+     * <p>NOTE: The instance returned by this method is NOT thread safe and should be shared
+     * via static state or between threads. Consider using {@link io.micronaut.core.convert.ImmutableArgumentConversionContext} for this case.</p>
      *
      * @param <T>      type Generic
      * @param argument The argument
@@ -181,6 +184,9 @@ static <T> ArgumentConversionContext<T> of(Argument<T> argument) {
     /**
      * Create a simple {@link ConversionContext} for the given generic type variables.
      *
+     * <p>NOTE: The instance returned by this method is NOT thread safe and should be shared
+     * via static state or between threads. Consider using {@link io.micronaut.core.convert.ImmutableArgumentConversionContext} for this case.</p>
+     *
      * @param <T>      type Generic
      * @param argument The argument
      * @return The conversion context
@@ -193,6 +199,9 @@ static <T> ArgumentConversionContext<T> of(Class<T> argument) {
     /**
      * Create a simple {@link ConversionContext} for the given generic type variables.
      *
+     * <p>NOTE: The instance returned by this method is NOT thread safe and should be shared
+     * via static state or between threads. Consider using {@link io.micronaut.core.convert.ImmutableArgumentConversionContext} for this case.</p>
+     *
      * @param <T>      type Generic
      * @param argument The argument
      * @param locale   The locale
@@ -205,6 +214,9 @@ static <T> ArgumentConversionContext of(Argument<T> argument, @Nullable Locale l
     /**
      * Create a simple {@link ConversionContext} for the given generic type variables.
      *
+     * <p>NOTE: The instance returned by this method is NOT thread safe and should be shared
+     * via static state or between threads. Consider using {@link io.micronaut.core.convert.ImmutableArgumentConversionContext} for this case.</p>
+     *
      * @param <T>      type Generic
      * @param argument The argument
      * @param locale   The locale
diff --git a/core/src/main/java/io/micronaut/core/convert/DefaultArgumentConversionContext.java b/core/src/main/java/io/micronaut/core/convert/DefaultArgumentConversionContext.java
index b2bc3712947..05f8b59f11a 100644
--- a/core/src/main/java/io/micronaut/core/convert/DefaultArgumentConversionContext.java
+++ b/core/src/main/java/io/micronaut/core/convert/DefaultArgumentConversionContext.java
@@ -20,6 +20,7 @@
 
 import java.nio.charset.Charset;
 import java.util.*;
+import java.util.concurrent.ConcurrentHashMap;
 
 /**
  * Default implementation of the {@link ConversionContext} interface.
diff --git a/core/src/main/java/io/micronaut/core/convert/ImmutableArgumentConversionContext.java b/core/src/main/java/io/micronaut/core/convert/ImmutableArgumentConversionContext.java
new file mode 100644
index 00000000000..e0bb83d7619
--- /dev/null
+++ b/core/src/main/java/io/micronaut/core/convert/ImmutableArgumentConversionContext.java
@@ -0,0 +1,60 @@
+/*
+ * Copyright 2017-2022 original authors
+ *
+ * Licensed under the Apache License, Version 2.0 (the "License");
+ * you may not use this file except in compliance with the License.
+ * You may obtain a copy of the License at
+ *
+ * https://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ */
+package io.micronaut.core.convert;
+
+import io.micronaut.core.type.Argument;
+import io.micronaut.core.util.ArgumentUtils;
+
+/**
+ * Immutable variant of {@link io.micronaut.core.convert.ArgumentConversionContext} that can be used as a constant
+ * in cases where conversion error handling and rejection is not required.
+ *
+ * @param <T> The generic type
+ * @since 3.2.7
+ * @author graemerocher
+ */
+public interface ImmutableArgumentConversionContext<T> extends ArgumentConversionContext<T> {
+    /**
+     * Create a new simple {@link ConversionContext} for the given generic type variables.
+     *
+     * <p>NOTE: The instance returned by this method is NOT thread safe and should be shared
+     * via static state or between threads.</p>
+     *
+     * @param <T>      type Generic
+     * @param argument The argument
+     * @return The conversion context
+     * @since 3.2.7
+     */
+    static <T> ImmutableArgumentConversionContext<T> of(Argument<T> argument) {
+        ArgumentUtils.requireNonNull("argument", argument);
+        return () -> argument;
+    }
+
+    /**
+     * Create a simple {@link ConversionContext} for the given generic type variables.
+     *
+     * <p>NOTE: The instance returned by this method is NOT thread safe and should be shared
+     * via static state or between threads.</p>
+     *
+     * @param <T>      type Generic
+     * @param type The argument
+     * @return The conversion context
+     * @since 3.2.7
+     */
+    static <T> ImmutableArgumentConversionContext<T> of(Class<T> type) {
+        return of(Argument.of(type));
+    }
+}
diff --git a/http-client-core/src/main/java/io/micronaut/http/client/interceptor/HttpClientIntroductionAdvice.java b/http-client-core/src/main/java/io/micronaut/http/client/interceptor/HttpClientIntroductionAdvice.java
index 25590a614d7..d1f8b0af110 100644
--- a/http-client-core/src/main/java/io/micronaut/http/client/interceptor/HttpClientIntroductionAdvice.java
+++ b/http-client-core/src/main/java/io/micronaut/http/client/interceptor/HttpClientIntroductionAdvice.java
@@ -195,7 +195,7 @@ public Object intercept(MethodInvocationContext<Object, Object> context) {
                     // Convert and put as path param
                     if (argument.getAnnotationMetadata().hasStereotype(Format.class)) {
                         ConversionService.SHARED.convert(value,
-                                ConversionContext.of(String.class).with(argument.getAnnotationMetadata()))
+                                ConversionContext.STRING.with(argument.getAnnotationMetadata()))
                                 .ifPresent(v -> pathParams.put(name, v));
                     } else {
                         pathParams.put(name, value);
diff --git a/http-server/src/main/java/io/micronaut/http/server/cors/CorsFilter.java b/http-server/src/main/java/io/micronaut/http/server/cors/CorsFilter.java
index 5552e5f0b43..63a19ae45e5 100644
--- a/http-server/src/main/java/io/micronaut/http/server/cors/CorsFilter.java
+++ b/http-server/src/main/java/io/micronaut/http/server/cors/CorsFilter.java
@@ -18,6 +18,7 @@
 import io.micronaut.core.async.publisher.Publishers;
 import io.micronaut.core.convert.ArgumentConversionContext;
 import io.micronaut.core.convert.ConversionContext;
+import io.micronaut.core.convert.ImmutableArgumentConversionContext;
 import io.micronaut.core.util.StringUtils;
 import io.micronaut.http.HttpHeaders;
 import io.micronaut.http.HttpMethod;
@@ -51,7 +52,7 @@
 @Filter("/**")
 public class CorsFilter implements HttpServerFilter {
 
-    private static final ArgumentConversionContext<HttpMethod> CONVERSION_CONTEXT_HTTP_METHOD = ConversionContext.of(HttpMethod.class);
+    private static final ArgumentConversionContext<HttpMethod> CONVERSION_CONTEXT_HTTP_METHOD = ImmutableArgumentConversionContext.of(HttpMethod.class);
 
     protected final HttpServerConfiguration.CorsConfiguration corsConfiguration;
 
diff --git a/http-server/src/main/java/io/micronaut/http/server/cors/CorsOriginConverter.java b/http-server/src/main/java/io/micronaut/http/server/cors/CorsOriginConverter.java
index fb08a18bc19..a5b4da4112b 100644
--- a/http-server/src/main/java/io/micronaut/http/server/cors/CorsOriginConverter.java
+++ b/http-server/src/main/java/io/micronaut/http/server/cors/CorsOriginConverter.java
@@ -17,6 +17,7 @@
 
 import io.micronaut.core.convert.ArgumentConversionContext;
 import io.micronaut.core.convert.ConversionContext;
+import io.micronaut.core.convert.ImmutableArgumentConversionContext;
 import io.micronaut.core.convert.TypeConverter;
 import io.micronaut.core.convert.value.ConvertibleValues;
 import io.micronaut.core.convert.value.ConvertibleValuesMap;
@@ -45,7 +46,7 @@ public class CorsOriginConverter implements TypeConverter<Map<String, Object>, C
     private static final String ALLOW_CREDENTIALS = "allow-credentials";
     private static final String MAX_AGE = "max-age";
 
-    private static final ArgumentConversionContext<List<HttpMethod>> CONVERSION_CONTEXT_LIST_OF_HTTP_METHOD = ConversionContext.of(Argument.listOf(HttpMethod.class));
+    private static final ArgumentConversionContext<List<HttpMethod>> CONVERSION_CONTEXT_LIST_OF_HTTP_METHOD = ImmutableArgumentConversionContext.of(Argument.listOf(HttpMethod.class));
 
     @Override
     public Optional<CorsOriginConfiguration> convert(Map<String, Object> object, Class<CorsOriginConfiguration> targetType, ConversionContext context) {
diff --git a/http/src/main/java/io/micronaut/http/MediaType.java b/http/src/main/java/io/micronaut/http/MediaType.java
index e9e3935e7a8..386e2d8e53f 100644
--- a/http/src/main/java/io/micronaut/http/MediaType.java
+++ b/http/src/main/java/io/micronaut/http/MediaType.java
@@ -19,8 +19,8 @@
 import io.micronaut.core.annotation.NonNull;
 import io.micronaut.core.annotation.TypeHint;
 import io.micronaut.core.convert.ArgumentConversionContext;
-import io.micronaut.core.convert.ConversionContext;
 import io.micronaut.core.convert.ConversionService;
+import io.micronaut.core.convert.ImmutableArgumentConversionContext;
 import io.micronaut.core.naming.NameUtils;
 import io.micronaut.core.type.Argument;
 import io.micronaut.core.util.CollectionUtils;
@@ -374,7 +374,7 @@ public class MediaType implements CharSequence {
     static final Argument<MediaType> ARGUMENT = Argument.of(MediaType.class);
 
     @Internal
-    static final ArgumentConversionContext<MediaType> CONVERSION_CONTEXT = ConversionContext.of(ARGUMENT);
+    static final ArgumentConversionContext<MediaType> CONVERSION_CONTEXT = ImmutableArgumentConversionContext.of(ARGUMENT);
 
     private static final char SEMICOLON = ';';