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Why are three-way catalysts so rare?
Looking back, we understand that in the 1990s, China did not mandate the installation of three-way catalytic converters. However, with the evolution of the times, this device has now become a key component for automobile exhaust treatment. So, what exactly makes three-way catalysts so indispensable and valuable?
Since 1973, the birth of three-way catalysts has marked the result of the unremitting efforts of numerous scientists. Scientists have almost simultaneously discovered that platinum group metals - including platinum Pt, palladium Pd, osmium Os, iridium Ir, ruthenium Ru, and rhodium Rh - exhibit outstanding performance in catalyzing the oxidation of carbon monoxide, hydrocarbons, and nitrogen oxides, far surpassing other metals. At this moment, precious platinum group metals shine brightly, their prices are remarkable, especially rhodium, whose price is almost ten times that of gold. It is not an exaggeration to say that the value of rhodium is priceless, enough to make even gold and diamonds pale in comparison. With such discoveries, perhaps we will see a new trend emerging in the market to flaunt wealth with rhodium, and brides no longer need to wear gold necklaces. A delicate rhodium necklace can easily impress the audience.

In addition, the rarity of platinum group metals is also an important factor contributing to their high prices. As of 2020, the global reserves of platinum group metals were only 69000 tons. Interestingly, even if all known platinum group metals were extracted, it would still be far from enough to equip all fuel vehicles. Therefore, the price of three-way catalysts is expected to continue to rise in the future. In recent years, there has been a significant increase in theft cases of three-way catalytic converters in automobiles, which is closely related to this phenomenon (similar situations exist not only in China but also globally).
Usually, the ratio of platinum to rhodium in a three-way catalyst is about 5:1, while the ratio of palladium to rhodium is 7:1. In a typical small car, the total platinum group metal content of a three-way catalyst is about 1.5 grams, while in a large truck it can reach around 15 grams. Based on these data, we can roughly estimate that the price of a three-way catalyst is quite astonishing.