Unlocking the Potential of Circular Business Models

Recycling offers opportunities for developing circular business models, influenced by customers' demands for high-quality and durable materials A business model encompasses the value creation process and the necessary resources for its delivery Choosing a business model can be regarded as a strategic decision that may yield competitive advantages, as stated and Moreover, a circular business model incorporates principles to minimize waste within a system, emphasizing the extension of product lifespan, rejuvenation, and the provision of services instead of relying solely on physical materials, thereby contributing to sustainable development.

In both research and management realms, the concept of circular economy (CE) has garnered significant attention. CE frequently encompasses the principles of reuse, recycle, and reduce (3R)originally introduced by It represents a holistic approach to the economy, aiming to minimize waste and optimize the system through the utilization of renewable energy sources. CE entails a broader understanding of sustainability beyond production and consumption (MacArthur, 2013). Additionally, the innovation of business models plays a central role in CE, aiming to generate benefits for economies, companies, and consumers). Consequently, why are concepts like business models crucial to consider within a broader context?

The focus on sustainable development (SD) has intensified in contemporary society, including the Swedish stone material industry (SSMI). From a wider perspective, active participation from all stakeholders becomes imperative. Companies can contribute by creating opportunities that drive sustainable development forward, inspired by the commitments made in the Agenda 2030 agreement established by world leaders, which comprises 17 goals (United Nations Development Programme [UNDP], n.d. d). A comprehensive definition of SD entails developing society to meet present needs without compromising those of future generations (Elliott, 2012; World Commission on Environment and Development

More than half of the global population currently resides in cities, and UNDP (n.d. b) predicts that this figure will rise to over two-thirds by 2050. According to G繹ransson (2018), Sweden has Europe's fastest-growing cities. This rapid urbanization places substantial demands on infrastructure, aligning with the ninth goal of UNDP (n.d. a) to support and expand urbanization (UNDP, n.d. b). From a societal, strategic, and infrastructural perspective, stone materials play a crucial role. Apart from water, stone material constitutes the most widely utilized component in society and shows no signs of decreasing . Aggregates, a collective term for raw stones extracted from quarries, are the most commonly used stone materials globally, with demand increasing by five percent annually Notably, the building and construction industry accounts for 40% of global greenhouse gas emissions (Global Alliance for Building and Construction, 2018), with stone materials being a significant contributor. Sweden has set a climate goal to become fossil-free by 2045 (which will inevitably impact the stone material industry.