The Business Model of a Circular Economy in the Innovation and Improvement of Metal Processing

Abstract

A circular economy (CE) appears to be a crucial tool enabling the sustainable use of natural resources, which is also essential for achieving the Sustainable Development Agenda by 2030. Compared to the traditional linear economy policy based on the “take-make-use-dispose” principle, the CE approach guided by the “designed to be remade” principle offers immense opportunities. Not only does it drastically reduce the need for primary resources, but it also revolutionizes the management of both resources and waste. The CE is significant for metal processing companies due to increased control over resources and waste reduction. Furthermore, it enables the efficient utilization of natural resources and minimizes the negative environmental impact, translating into the sustainable development of metallurgical activities. Additionally, recycling processes in metal processing can also have financial benefits by reducing the raw material procurement costs and lowering the waste disposal fees. The CE business model of the innovation and improvement of metal processing involves optimizing resource usage through continuous material processing and reuse. Companies develop advanced recycling technologies, implement efficient resource management strategies, and adopt service-oriented business models like leasing or part exchanging. These initiatives aim to increase value addition and minimize waste. Additionally, the ongoing investment in research and development facilitates the introduction of innovative processes and materials, leading to operational enhancement and environmental sustainability. The main aim of this study was to develop a CE business model for a metal processing company. This model allowed for identifying the key elements influencing the operations of companies in this industry in terms of the CE. Research was conducted through triangulation using various methods, such as focus group interviews, surveys, and individual in-depth interviews. This study was supplemented with an investment decision-making algorithm according to the CE and the CE business model canvas for metalworking enterprises, with a focus on those producing metal products subsequently covered with galvanic coating. The presented results also propose application in other SMEs within this industry sector.

1. Introduction

Economics and the environment are inherently interconnected. The environment plays a crucial role in the functioning of the economy by providing resources and ecosystem services necessary for production and consumption. Unfortunately, many traditional economic approaches do not adequately consider the impact of economic activities on the natural environment. This oversight can lead to unsustainable resource use, environmental degradation, and threats to human health.

For businesses, it is crucial to incorporate environmental aspects into their operational strategy. After all, their access to resources and market stability depend on the state of the environment. Companies can act responsibly by minimizing the negative effects of their operations through the adoption of sustainable practices, investment in environmentally friendly technologies, and collaboration with local communities and environmental organizations [1].

Businesses and organizations have a significant impact on sustainable resource use, production, and the consumption of products, and community engagement plays a crucial role. Supporting local communities, bolstering the local economy, and creating job opportunities also present organizations with an opportunity to contribute to sustainable development in the region [2,3].

Scientists emphasize the need for adopting a new economic model that considers not only production and management efficiency, but also product innovations and sustainable environmental development. Research such as that conducted by [4,5] highlights the role of concepts such as Lean, Six Sigma, and environmental sustainability in improving the performance of businesses, especially small- and medium-sized enterprises (SMEs) [6].

In today’s rapidly evolving business landscape, companies must adopt comprehensive and forward-thinking strategies to stay competitive and relevant [7]. Such a model could encompass various factors, such as market trends, customer preferences, technological innovations, and sustainable development goals. This would enable companies to more effectively direct their efforts towards delivering products that not only meet customers’ expectations, but also contribute to environmental protection and promote sustainable consumption.

Such models can also be useful for governments and non-governmental organizations in monitoring progress in improving product quality and achieving the sustainable development goals. By analyzing the data and indicators developed using such a model, decision makers could make more informed decisions regarding economic and environmental policy, thereby promoting more sustainable production and consumption.

However, it is important for such a model to be based on reliable data and to consider the diversity of factors influencing product quality and their environmental impact. Furthermore, its effectiveness will depend on the involvement of all the stakeholders and cooperation between the sectors of the economy. According to [8], this model is unique in that a specific emphasis is placed on understanding what customers’ value, while providing users with a single page (canvas) of key elements (building blocks).

The circular economy is a key tool in striving for sustainable development by minimizing resource wastage and reducing the negative environmental impact. Its implementation is essential for reducing the pressure on natural resources, limiting greenhouse gas emissions, and decreasing the amount of waste sent to landfills, thus contributing to building a more sustainable and efficient future.

The CE is intended to offer an alternative to the traditional linear economy, which is based on the extraction, manufacturing, use, and disposal of resources [9]. Compared to the traditional linear economy policy based on the “take-make-use-dispose” principle, the circular economy approach guided by the principle of “designed to be remade” offers immense opportunities. Not only does it drastically reduce the need for primary resources, but it also revolutionizes the way resources and waste are managed. By rethinking product design in an economically viable manner, it creates jobs, fosters new and innovative technologies, and ultimately leads to environmentally friendly operations. The circular economy focuses on sustainable resource management, where material components are reused, shared, repaired, renewed, processed anew, and recycled, creating a closed-loop system. It should not be forgotten that innovation plays an important role in this transition toward a CE that promotes the development of new technologies, the creation of more efficient and sustainable production processes, and business models and practices that facilitate the reduction, reuse, and recycling of resources, as well as a reduction in the environmental impact [10,11].

The circular economy is immensely important for a company manufacturing metal products that are subsequently coated with electroplating for several key reasons. Firstly, the electroplating process can generate waste and emissions that may negatively impact the environment. Introducing the principles of the circular economy enables the minimization of these adverse effects by reusing raw materials and reducing waste. Additionally, electroplating processes often utilize precious metals, the resources of which are limited, hence recycling and reuse are crucial for ensuring the sustainability of these resources. Moreover, the circular economy can have economic benefits by reducing the costs associated with purchasing new raw materials and waste disposal fees. According to [12], the CE plays an important role and requires the precise quantification of resource efficiency, and thus may achieve the economic viability of the system in metallurgy.

In recent years, there has been a growing interest in the CE within the metal industry and electroplating technologies due to the need to reduce the negative environmental impact and the necessity for efficient resource management. Numerous case studies, scientific research, and industry reports analyzing various aspects of the CE in these sectors can be found in the literature. According to [13], the most important technological task in modern production is the comprehensive and rational use of raw materials at all stages of processing.

The current trends include an increasing environmental awareness among companies and consumers, leading to a higher demand for products and services based on the CE principles. Companies in the metal industry and electroplating technologies are increasingly taking action to reduce waste generation, optimize resource consumption, and enhance energy efficiency.

The challenges related to the CE in these sectors include the need for investments in new technologies and infrastructure, employee education, and the integration of recycling and recovery processes into the existing production operations. Moreover, ensuring adequate regulations and standards regarding the CE is essential, along with collaboration among various stakeholders to achieve common sustainable development goals. According to [14], more research is still needed to merge metallurgical waste with the ecological system, including social and food security.

The best practices associated with CE in the metal industry and electroplating technologies include the adoption of modern metal recycling technologies, the utilization of renewable energy sources in production processes, the introduction of innovative business models based on the CE principles, and the promotion of environmental awareness among employees and customers. Additionally, supply chain integration and intersectoral cooperation are crucial for the effective implementation of sustainable practices in these sectors. Collaboration with research institutions and regulatory bodies also plays a significant role in continuously improving processes and achieving CE-related goals.

The main objective of this study was to develop the Circular Economy Canvas (CEC) business model for a company manufacturing metal products that are subsequently coated with electroplating. Building and updating business models is necessitated by the waste management hierarchy, which was updated in 2017 at the European Union level, and the transition from a “linear” to a circular economy. This transition requires undertaking a series of actions, including extending the product life cycle (e.g., by changing the waste status), which allows for further use. Therefore, we have undertaken this task in the context of the specific sector, namely the metallurgical sector, with a particular emphasis on electroplating.

According to the Scopus and Web of Science databases, there are no publications regarding the Circular Economy Canvas in the metallurgical sector. The few publications that can be found using a Google search have been developed for economies outside the European Union, often for metallurgical enterprises in countries in the Global South. It is therefore unclear whether these models meet the requirements for circular economy compliance with the European Union law, and consequently it is uncertain whether they are suitable for use by European enterprises.

As mentioned earlier, this sector will soon have to meet the requirements of the circular economy. However, there is a growing recognition of the need for innovative frameworks like the Circular Economy Canvas within the metallurgical sector to navigate these upcoming demands effectively. The development of such a model for the metallurgical sector would fill a research gap and provide a structured framework to navigate the upcoming challenges effectively.

We would like to point out the reasons why creating a business model related to the circular economy (CE) for the metal and electroplating sector is crucial. Firstly, this sector has a significant environmental impact through resource consumption, pollutant emission, and waste generation. Implementing the CE principles can significantly reduce the sector’s negative environmental impact by optimizing resource consumption, reducing waste generation, and minimizing the emission of harmful substances. Secondly, the growing environmental awareness among consumers and changing market expectations create the need for firms to adapt to new market conditions. Products and services based on the CE principles can become a competitive advantage in the market, attracting customers seeking more sustainable and environmentally friendly solutions. Thirdly, the effective implementation of a business model based on the CE can have numerous economic benefits. Process optimization, the cost reduction in raw materials, and more efficient resource utilization can contribute to increased profitability of businesses in the long run. Fourthly, the metal and electroplating sector is essential for many other industries, meaning that the changes implemented in these sectors can have a positive impact on the entire economy. For example, by applying modern metal recycling technologies and reducing the consumption of primary resources, it is possible to increase the availability of resources for other industries such as automotive or electronics. Finally, developing a business model based on the CE can contribute to increasing innovation and competitiveness in the entire sector by stimulating the development of new technologies, products, and services. An innovative approach to resource utilization and product design can open up new opportunities for businesses and contribute to the long-term growth of the sector. In conclusion, creating a business model related to the CE for the metal and electroplating sector is essential from environmental, social, and economic perspectives, contributing to the sustainable development of the sector and the economy as a whole.

2. Literature Review

Supervision of the economy’s impact on the environment must be a matter of public concern. Economic policies should promote sustainable development, taking into account the ecological and social aspects [15,16]. Actions such as pollution taxation, subsidies for businesses implementing eco-friendly practices, and stringent environmental protection regulations can support the transformation towards a more sustainable economy.

As a result, the integration of economics and the environment becomes not only a necessity, but also an opportunity to create more efficient and responsible economic systems that will balance human needs with the preservation of a healthy and sustainable natural environment [17]. Addressing contemporary challenges like climate change, pollution, and resource depletion requires a sustainable approach that balances economic growth with environmental preservation. Such integration not only protects nature, but also creates new economic opportunities, fostering innovation and responsible economic systems for both the current and future generations.

Due to the current environmental issues worldwide, companies are under pressure from governments and their stakeholders to take actions aimed at reducing their environmental impact [18]. Consequently, businesses are increasingly adopting sustainable practices and investing in green technologies to comply with regulations and meet stakeholders’ expectations. This shift not only helps mitigate the environmental damage, but also enhances their corporate reputation and long-term profitability.

Such pressures from governments and stakeholders are understandable, considering the growing environmental issues worldwide. Companies are increasingly seen as significant participants in the fight to protect the environment because their activities can have a significant impact on natural resources, air quality, water, and other elements of ecosystems.

In response to these pressures, many companies are taking actions to reduce their negative environmental impact. These actions may include investing in environmentally friendly technologies, reducing greenhouse gas emissions, decreasing the use of natural resources, or implementing sustainable practices throughout the supply chain. Such actions can not only reduce the adverse effects of business operations, but also contribute to improving the company’s image, increasing customers’ trust, and enhancing competitiveness in the market.

Governments also play a crucial role in shaping policies that encourage companies to take pro-environmental actions. By creating appropriate regulations, taxing greenhouse gas emissions, providing financial incentives for businesses implementing sustainable practices, and promoting eco-friendly innovations, governments can support the transformation towards a more sustainable economy.

Finally, stakeholders, including consumers, investors, local communities, and non-governmental organizations, are increasingly expecting companies to act responsibly towards the environment. The companies that fail to take actions to reduce their negative environmental impact may face resistance from their stakeholders, which can lead to a loss of trust, financial losses, and damage to their reputation.

As a result, pressure from governments and stakeholders can be a strong incentive for companies to take actions to protect the environment and promote sustainable development. However, to achieve real change, the involvement of all the interested parties, intersectoral cooperation, and a long-term approach to natural resource management are necessary. This collaborative effort ensures that the environmental initiatives are effective and comprehensive. By working together, companies, governments, and stakeholders can create a sustainable future that balances economic growth with ecological preservation.

The dynamic changes in customers’ expectations present new challenges for companies. While improving products is crucial for maintaining competitiveness in the market, there is also an increasing emphasis on reducing the negative environmental impact of business operations. Therefore, introducing product innovations that address both customer requirements and sustainability goals becomes essential [19]. This dual approach not only meets the consumer demand for eco-friendly products, but also helps companies comply with stricter environmental regulations. Consequently, businesses that prioritize sustainability can enhance their brand reputation and secure long-term success in an evolving market.

Proposals such as a universal model for predicting the expected directions of product quality improvement proposed in [20] can be a key tool supporting businesses in making informed decisions regarding product innovations. This allows for a better understanding of customers’ expectations and the identification of areas where product quality improvement can align with both the market demands and sustainability goals.

As a result, adopting a new economic model that combines product innovation with sustainable environmental development is becoming increasingly important for businesses in the context of changing customers’ expectations and growing societal awareness of environmental protection. Transitioning to more sustainable and innovative practices can have both economic and social benefits, which is a crucial step towards building a more sustainable future.

The implementation of innovative technologies plays a key role in accelerating the transition towards a circular economy, where resources are efficiently utilized and waste is minimized. Research such as that conducted in [21,22] highlights that those political actions, especially in the realm of financing projects related to ecological innovations, are crucial for promoting this kind of transformation.

Rapid technological advancement, especially in areas such as artificial intelligence, the Internet of Things, blockchain, and big data, opens up new possibilities for environmental actions. These advanced technologies enable more efficient decision making, the continuous monitoring of environmental factors, the optimization of resource utilization, and the improvement of collaboration among stakeholders. Leveraging these technologies can lead to innovative solutions for complex environmental challenges. As a result, the integration of cutting-edge technologies with environmental strategies enhances the ability to achieve the sustainable development goals.

The application of these modern technologies in environmental management can have many benefits, such as reducing resource wastage, increasing operational efficiency, and improving the environmental performance. Research, such as that conducted in [23], underscores the potential of advanced technologies in environmental management, which can contribute to more sustainable development.

As a result, political support and funding for ecological innovations, as well as the utilization of the latest environmental protection technologies, are crucial for accelerating the transition towards a circular economy and achieving more sustainable development. These actions can be the key driver of progress towards more efficient and responsible resource utilization and environmental protection. Such measures not only promote environmental sustainability, but also drive economic growth by creating new industries and job opportunities. Ultimately, this fosters a resilient economy that thrives, while preserving the planet for future generations.

Innovation is the undeniable cornerstone of progress in various scientific and industrial fields. Its key value lies in its ability to revolutionize existing paradigms, stimulate breakthroughs, and drive societies towards a more advanced and sustainable future. In the field of science, innovation serves as a catalyst for pushing the boundaries of knowledge, continuously expanding our understanding of the natural world.

Research such as that conducted in [24,25] illustrates that innovative approaches are also crucial in the industry. An example of this can be seen in the application of innovative hydrometallurgy for the sustainable recovery of galvanic sludge, which has a significant impact on the efficiency of industrial processes and environmental protection.

Innovations enable the creation of new solutions that can change our lives, improve environmental quality, increase production efficiency, and create new opportunities for both businesses and society as a whole. Through the continuous pursuit of new ideas and solutions, innovation serves as a driver of development, fueling technological, social, and economic progress. Embracing innovation helps address global challenges and fosters a culture of continuous improvement. This dynamic approach not only enhances quality of life, but also ensures sustainable growth and prosperity for future generations.

Supporting innovation, both by the public and private sectors, thus becomes an essential element of development strategies aimed at building a more sustainable and efficient future. By encouraging the creation and implementation of new ideas and providing conditions for the development of innovative technologies, societies can accelerate the process of transformation towards a more advanced and sustainable future.

The circular economy (CE) is a concept widely promoted by the European Union, many national governments, and businesses worldwide. This concept is a response to the challenges related to limited natural resources, the increasing demand for raw materials, and the growing amount of waste generated by society [26]. By promoting resource reuse, recovery, and processing, the CE seeks to create a more sustainable and efficient economic model that minimizes negative environmental impact and contributes to long-term economic stability.

The circular economy is a regenerative system where resource consumption, waste generation, emissions, and energy leaks are minimized through slowing down and eliminating material and energy use. This can be achieved through durable design, conservation, repair, reuse, remanufacturing, refurbishment, recycling, and upcycling [27]. By adopting these practices, businesses and communities can significantly reduce their environmental footprint. This shift towards a circular economy not only conserves resources, but also fosters innovation and economic resilience.

The idea of the circular economy has roots dating back several decades. As early as the 1960s, the economist Kenneth Boulding [28] presented the concept of an “ideal economy”, in which resources are managed as if we were on a spaceship; limited resources require a system where there is no possibility of relying indefinitely on fresh resources or storing waste and garbage. Boulding introduced the terms of two alternative forms of economy: (1) the cowboy economy, which is an open economy of the past that relies on unlimited resource use, and (2) the spaceship economy, which is a closed economy of the future that aims for efficient resource use through the continuous circulation and minimization of waste generation.

The circular economy (CE) is a concept that encompasses not only economic, but also environmental aspects. Its main goal is to maximize resource utilization by minimizing waste and reducing waste generation. Unlike the traditional linear economy model, where resources are used once, and then discarded, in the CE, resources are designed and utilized in a way that enables their continuous circulation within the economy.

In the CE, the number of consumed resources is limited by the principle of conservation of mass according to the first law of thermodynamics, which states that substances cannot be created or destroyed, but can be transformed into other forms. Therefore, waste becomes a resource that can be reused in production processes.

The transition to a circular economy contributes to sustainable development by reducing pressure on natural resources, limiting greenhouse gas emissions, and reducing the amount of waste deposited in landfills. It also presents an opportunity for businesses to create new business models based on sustainable resource utilization and innovation in product and production process design. This approach not only enhances environmental sustainability, but also drives economic growth by fostering new markets and job opportunities. Embracing the circular economy helps build resilient, resource-efficient systems that benefit both the environment and society.

The circular economy improves resource efficiency and may, therefore, increase economic growth in a long-term sustainable manner [29]. Through reducing resource wastage and minimizing the negative environmental impact, the circular economy supports the creation of more resilient economic foundations. With increased resource efficiency, businesses can reduce the production costs, enhance innovation, and improve competitiveness in the market, contributing to long-term economic growth, while maintaining a sustainable approach to the environment.

It should be noted that there is a huge potential for development in the research agenda for the circular economy, which is more strongly based on theories. In particular, management theories can contribute to the thorough analysis of the existing challenges and the identification of ways to overcome obstacles in scaling the CE model. The main goal is to create value for companies and society as a whole, which is regenerative and rejuvenating, and also to focus on maintaining the products, components, and materials at the highest level of value, which can lead to long-term economic and environmental sustainability [30].

One can identify many benefits of the circular economy and its impact on various areas of life [30,31,32]:

• Environmental Benefits: The circular economy reduces humanity’s negative impact on the environment by decreasing the consumption of natural resources, the emission of pollutants, and waste generation. As a result, it contributes to biodiversity conservation, reduces water and air pollution, and limits the waste sent to landfills.
• Economic Benefits: Transitioning to a circular economy model can have economic advantages by increasing resource efficiency, reducing the costs associated with purchasing new materials, and creating new job opportunities in recycling, remanufacturing, and reuse sectors.
• Social Aspects: The circular economy can also improve the quality of life in communities by raising ecological awareness, promoting local production and consumption, and supporting local communities through job creation and sustainable infrastructure development.
• Innovation and Technological Development: Embracing the circular economy model stimulates innovation and technological development by necessitating the development of new technologies and production processes that enable the efficient resource utilization, recycling, and reuse of materials.

In summary, the circular economy represents a holistic approach to resource management, allowing for the simultaneous achievement of environmental, economic, and social goals, contributing to sustainable development and a better future for our planet.

However, implementing the circular economy principles in specific industries can be challenging. Often, scientific studies emphasize the need for sustainable development and the circular economy, but do not provide specific solutions or methods for their implementation. Implementing these principles requires collaboration among various stakeholders, policy support, and investment in research and the development of technologies, enabling more efficient resource utilization and waste minimization.

Introducing the principles of the circular economy in the metallurgical industry may encounter several challenges and issues. Here are a few potential difficulties [33,34,35,36]:

• Infrastructure Costs: The need to change infrastructure and production processes to ensure the efficient recovery and processing of waste may involve high investment costs.
• Technologies and Processes: Some traditional processes in the metallurgical industry may be difficult to adapt to the circular economy model. Investments in new technologies and the transformation of production processes may be necessary.
• Logistics and Transport: The effective management of the flow of secondary materials and recycled raw materials may require changes in logistics and transportation systems, which can be challenging due to the need for route optimization and transportation costs.
• Finding Markets: Implementing the circular economy requires ensuring markets for processed secondary materials. A lack of stable markets may hinder the economic viability of recycling processes.
• Cultural and Organizational Changes: The need to change mindset and work organization in the metallurgical industry may be difficult for workers and managers to accept. This requires education, training, and organizational culture change.
• Competitiveness: The metallurgical industry operates in a global environment where there is price-related and technological competition. The need to implement the circular economy principles may affect the competitiveness of companies compared to those that do not apply such practices.
• Regulatory Issues: Introducing new rules and regulations regarding the circular economy may require changes to the existing industry standards and regulations, which can be complex and time-consuming.

Addressing these problems will require collaboration among various stakeholders, investment in research and development, and a long-term approach to transforming the metallurgical industry towards a more sustainable and efficient economy.

3. Materials and Methods

The main objective of this study was to develop the Circular Economy Canvas (CEC) business model for a company manufacturing metal products that are subsequently coated with electroplating. This model will identify the key elements that influence the operations of businesses in this industry in the context of the circular economy (CE). The Business Model Canvas was chosen as the basis for the model. The model was developed for small- and medium-sized enterprises (SMEs) in the sector.

The Business Model Canvas (BMC) is a tool designed to facilitate discussion and generate innovative business models. It was created by Osterwalder and Pigneur [37]. The BMC allows for the visual representation of various elements of the business model and their relationships. This is conducted collaboratively with stakeholders in the early stages of prototyping and gathering feedback, including any revisions (iterations) [38].

The Business Model Canvas is a tool for designing and analyzing business models. It consists of nine key elements that describe various aspects of a company’s operations, such as value proposition, customer segments, distribution channels, customer relationships, revenue streams, activities, resources, partners, and costs. It is a popular tool that enables businesses to better understand and manage their operations by visualizing the key aspects of their business model [Table 1]. The visual template is organized and composed in such a way as to support the intuitive recognition of the relationships between elements [39].

In essence, the elements are arranged around the center of the template, with the value proposition located at the core [40]. On the left side are the elements of the business model related to activities, resources, partners, and costs, while on the right side are the relationships with customers, channels, customer segments, and revenues. Additionally, questions that may be helpful during its creation are included in the model.

Table 1. Business Model Canvas diagram [41].

Key partners Who are our key partners? Who are our key suppliers? What resources can we obtain from partners? What activities do partners perform?	Key activities What activities are required by our value proposition, sales channels, customer service, revenue streams?	Value proposition What value do we provide to the customer? What problems do we help the customer solve? What needs of the customer do we fulfill? What product/service packages do we want to offer to specific customer groups?	Customer relationship What kind of relationships/service do individual customer groups expect from us? How much will it cost us?	Customers segments Who are we creating value for? Who will be our customers?
	Key resources What resources do our value proposition, sales channels, customer service, and revenue streams require?		Channels Through which channels will we reach customers? Which channels are cost-effective?
Cost structure What are the key costs associated with our operating model? Which resources are the most expensive? Which activities are the most costly?		Revenue streams For which values are our customers willing to pay? What are they currently paying for and how would they prefer to pay? What percentage of total revenue do individual revenue streams contribute?

Table 1. Business Model Canvas diagram [41].

Key partners Who are our key partners? Who are our key suppliers? What resources can we obtain from partners? What activities do partners perform?	Key activities What activities are required by our value proposition, sales channels, customer service, revenue streams?	Value proposition What value do we provide to the customer? What problems do we help the customer solve? What needs of the customer do we fulfill? What product/service packages do we want to offer to specific customer groups?	Customer relationship What kind of relationships/service do individual customer groups expect from us? How much will it cost us?	Customers segments Who are we creating value for? Who will be our customers?
	Key resources What resources do our value proposition, sales channels, customer service, and revenue streams require?		Channels Through which channels will we reach customers? Which channels are cost-effective?
Cost structure What are the key costs associated with our operating model? Which resources are the most expensive? Which activities are the most costly?		Revenue streams For which values are our customers willing to pay? What are they currently paying for and how would they prefer to pay? What percentage of total revenue do individual revenue streams contribute?

The Business Model Canvas serves as a versatile framework that enables businesses to visualize and articulate their core strategies and operations. By systematically addressing aspects such as partnerships, key activities, customer needs, resources, distribution channels, costs, and revenue sources, it fosters a comprehensive understanding of how a business creates, delivers, and captures value. This structured approach not only aids in refining business models, but also enhances strategic decision making, adaptation to market dynamics, and alignment with customers’ expectations. Moreover, it supports innovation and sustainability initiatives by promoting clarity and coherence in business planning across various industries and sectors.

The Business Model Canvas allows for the visual representation of various elements of a company’s operations, facilitating an understanding of the complexity of processes related to the circular economy. Analyzing individual elements of the model enables the precise identification of areas where changes can be made to better utilize resources and minimize waste. The Business Model Canvas places a significant emphasis on the value proposition for customers, which is crucial in the context of the circular economy, where creating products and services that are both economically viable and environmentally beneficial is important. With the Canvas model, enterprises can better plan their actions related to innovation, changing production processes, or exploring new sources of secondary raw materials.

Therefore, using the Business Model Canvas can be helpful for metallurgical enterprises operating in the context of the circular economy, enabling a better understanding and effective management of their activities.

For the sake of research credibility, triangulation was planned, utilizing diverse qualitative and quantitative methods and techniques:

• Focus group interviews (FGIs);
• Survey research using a questionnaire;
• Individual in-depth interviews (IDIs).

Initially, focus group interviews (FGIs) were conducted among 10 metal processing enterprises. These are medium-sized enterprises located in the Silesian Voivodeship. The research scheme is presented in Figure 1. This study was carried out between January and May 2023, with three employees from each surveyed enterprise participating (a representative of management, an environmental protection department representative, and a chief technologist). These interviews not only provided information on the implementation of various closed-loop economy solutions within the surveyed enterprises, but also served as the basis for creating the survey questionnaire used in the subsequent stage.

During the focus group interviews, the following questions were asked:

• What were the reasons for implementing the CE in the company?
• What benefits do you see in implementing the CE in the company?
• What barriers do you see in implementing the CE in the company, and how will you overcome them?
• What factors and tools can support the implementation of the CE in our company?
• How do you assess the knowledge of CE issues among management and in other departments?
• How do voluntary management systems functioning in the company (ISO 9001, ISO 14001) affect the possibility of implementing the CE concepts?
• How important is the implementation of the CE in selected areas of company’s activities?
• How significant is the integration of the CE principles into the company’s business model?

The responses to the questions asked during the focus group interviews (FGIs) allowed for the creation of a survey questionnaire, which was utilized in the second stage of research (survey research—see Figure 2). For each question from the FGIs, the most frequently mentioned responses were identified, and the respondents were asked to rate their importance on a scale of 1–5, where 1 indicated not important at all, and 5 referred to very important.

The same respondents who participated in the first stage of this study were included in the survey. The survey was conducted using a Google Form. Research took place between June and July 2023. The results of the survey were analyzed for the credibility of the obtained responses using the Cronbach Alpha test. It was assumed that a test result above 0.7, following the guidelines outlined by Hair et al. [42], indicated that the data could be further analyzed.

The first two stages of research formed the basis for building the Business Model Canvas for the metal processing company (August–October 2023).

The final stage of research involved conducting individual in-depth interviews (IDIs) with top management representatives from each company. These interviews were conducted between November 2023 and February 2024. During these interviews, the model was verified according to the capabilities of the surveyed companies. The research scheme is presented in Figure 3.

This article presents the results of the survey research (the second stage of this study) and the Circular Economy Business Model (CEBM) for the metal processing company, which was developed based on the presented research results and verified in the final stage of this study through in-depth interviews with representatives of the management of the surveyed companies.

Development was complemented by an algorithm for making investment decisions according to the Circular Economy Business Model, as well as a schematic for creating the Circular Economy Business Model for metal companies, with a focus on those producing metal products that are subsequently coated with electroplating.

4. Results and Discussion

The results of the Cronbach Alpha test are presented in

Table 2. Analysis of the results reliability with Cronbach Alpha test [own study].

No.	Question	Cronbach Alpha
1.	What were the reasons for implementing the CE in the company?	0.789
2.	What benefits do you see in implementing the CE in the company?	0.752
3.	What barriers do you see in implementing the CE in the company, and how will you overcome them?	0.746
4.	What factors and tools can support the implementation of the CE in our company?	0.763
5.	How do you assess the knowledge of CE issues among management and in other departments?	0.774
6.	How do voluntary management systems functioning in the company (ISO 9001, ISO 14001) affect the possibility of implementing the CE concepts?	0.784
7.	How important is the implementation of the CE in selected areas of company’s activities?	0.821
8.	How significant is the integration of the CE principles into the company’s business model?	0.847

. These are the overall results for individual questions. The comprehensive results for individual responses are presented in Appendix A (

Table A1. Full results of the Cronbach Alpha test (own study).

No.	Question	Cronbach Alpha
1.	What were the reasons for implementing CE in the company?	0.789
1a.	Legal requirements	0.725
1b.	Awareness of environmental protection by the company	0.825
1c.	Financial incentives	0.789
1d.	Economic efficiency	0.901
1e.	Consumer requirements	0.847
1f.	Business partners requirements	0.715
1g.	Improvement of company’s image	0.765
1h.	Elements of competitive advantage	0.714
1i.	Reduction of business risk associated with, for example, supplies of materials, raw materials, energy factors	0.736
1j.	Increase in company value	0.798
1k.	High fees for waste storage and pollution emissions	0.897
1l.	Corporate Social Responsibility (CSR)	0.748
2.	What benefits do you see in implementing CE in the company?	0.752
2a.	Increased sales revenue	0.769
2b.	Lower operating costs	0.736
2c.	Lower energy costs	0.726
2d.	Lower water costs	0.813
2r.	Increased utilization of waste in production processes	0.865
2f.	Greater energy efficiency	0.734
2g.	Higher productivity	0.759
2h.	Reduced material consumption	0.714
2i.	Resource savings	0.701
2j.	Increased innovativeness of the company	0.769
2k.	Improved company image and reputation	0.716
2l.	Reduced carbon footprint of the company	0.765
2m.	Improvement of relationships with trading partners	0.742
2n.	Strengthening the company’s market position	0.793
2o.	Acquisition of new customers	0.748
3.	What barriers do you see in implementing CE in the company and how to over-come them?	0.746
3a.	Limited availability of financing	0.724
3b.	Lack of economic incentives	0.795
3c.	More complicated operation of the company	0.726
3d.	Costly recovery of some materials	0.784
3e.	Additional obligations imposed on the company	0.768
3f.	Issues with stakeholder acceptance of new solutions	0.812
3g.	Lack of legislative solutions	0.769
3h.	Scattered regulations regarding the Circular Economy (CE)	0.726
3i.	Implementation costs	0.745
3j.	Long-term nature of investments	0.769
3k.	Lack of monitoring systems	0.723
3l.	Low public awareness	0.714
3m.	Lack of customer awareness	0.736
3n.	Lack of employee awareness	0.781
3o.	Lack of management awareness	0.717
3p.	Lack of specialized knowledge among management	0.726
3r.	Lack of qualified workforce	0.756
4.	What factors and tools can support the implementation of CE in our company?	0.763
4a.	Public procurement including CE solutions	0.748
4b.	Tax exemptions for companies implementing CE	0.716
4c.	Financial support for companies implementing CE	0.794
4d.	Consultancy on CE solutions	0.816
4e.	Public awareness campaign on CE	0.865
4f.	Online platform with examples of CE solutions	0.742
4g.	Courses for employees on CE	0.769
4h.	Support for recyclers and recycling	0.819
5.	How do you assess the knowledge of CE issues among the management and in other departments?	0.774
5a.	Top management	0.903
5b.	Environmental protection department	0.732
5c.	Chief technologist	0.714
5d.	Production and technical staff	0.768
5e.	Administrative staff	0.814
6.	How do voluntary management systems functioning in the company (ISO 9001, ISO 14001) affect the possibility of implementing CE concepts?	0.784
6a.	ISO 9001	0.911
6b.	ISO 14001	0.765
6c.	ISO 45000	0.742
6d.	EMAS	0.734
6e.	ISO 5001	0.784
7.	How important is the implementation of CE in selected areas of company’s activities?	0.821
7a.	Production	0.917
7b.	Warehouse	0.835
7c.	Supply	0.745
7d.	Administration	0.851
7e.	Machine maintenance	0.845
7f.	Occupational health and safety department	0.734
8.	How significant is the integration of CE principles into the company’s business model?	0.847

). The results fall mostly within the range of 0.7–0.8, but some are within 0.8–0.9, and a few are within 0.9–1.0. This indicates that the results for individual attribute groups are good and can be further analyzed.

The survey results were subjected to detailed analysis. The overall distribution of the responses to individual questions, including the quantity of each rating, is presented in Appendix B (

Table A2. The overall structure of respondents’ answers (own study).

No.	Question	Assessment
		1	2	3	4	5	Average
1.	What were the reasons for implementing CE in the company?						3.714
1a.	Legal requirements	8	11	9	1	1	2.200
1b.	Awareness of environmental protection by the company	2	1	7	12	8	3.767
1c.	Financial incentives	2	1	18	8	1	3.167
1d.	Economic efficiency	1	3	16	6	4	3.300
1e.	Consumer requirements	1	3	6	12	8	3.767
1f.	Business partners requirements	1	2	6	9	12	3.967
1g.	Improvement of company’s image	0	1	4	10	15	4.300
1h.	Elements of competitive advantage	0	2	5	9	14	4.167
1i.	Reduction of business risk associated with, for example, supplies of materials, raw materials, energy factors	1	4	6	16	3	3.533
1j.	Increase in company value	1	1	3	16	9	4.033
1k.	High fees for waste storage and pollution emissions	0	1	5	13	11	4.133
1l.	Corporate Social Responsibility (CSR)	0	1	3	14	12	4.233
2.	What benefits do you see in implementing CE in the company?						4.080
2a.	Increased sales revenue	0	0	11	14	5	3.800
2b.	Lower operating costs	1	1	5	11	12	4.067
2c.	Lower energy costs	0	1	4	9	16	4.333
2d.	Lower water costs	0	2	6	8	14	4.133
2r.	Increased utilization of waste in production processes	0	1	3	8	18	4.433
2f.	Greater energy efficiency	0	0	4	10	16	4.400
2g.	Higher productivity	2	1	9	12	6	3.633
2h.	Reduced material consumption	0	1	4	16	9	4.100
2i.	Resource savings	0	0	3	12	15	4.400
2j.	Increased innovativeness of the company	0	3	8	14	5	3.700
2k.	Improved company image and reputation	0	1	5	13	11	4.133
2l.	Reduced carbon footprint of the company	0	0	2	9	19	4.567
2m.	Improvement of relationships with trading partners	0	0	5	18	7	4.067
2n.	Strengthening the company’s market position	0	2	11	11	6	3.700
2o.	Acquisition of new customers	1	2	6	16	5	3.733
3.	What barriers do you see in implementing CE in the company and how to over-come them?						3.933
3a.	Limited availability of financing	0	0	2	18	10	4.267
3b.	Lack of economic incentives	0	4	12	10	4	3.467
3c.	More complicated operation of the company	0	0	2	9	18	4.552
3d.	Costly recovery of some materials	0	0	1	8	21	4.667
3e.	Additional obligations imposed on the company	0	0	1	15	14	4.433
3f.	Issues with stakeholder acceptance of new solutions	0	2	12	11	5	3.633
3g.	Lack of legislative solutions	0	0	4	17	9	4.167
3h.	Scattered regulations regarding the Circular Economy (CE)	1	3	5	12	10	3.871
3i.	Implementation costs	0	0	1	6	23	4.733
3j.	Long-term nature of investments	0	0	2	10	18	4.533
3k.	Lack of monitoring systems	0	0	4	11	14	4.345
3l.	Low public awareness	0	5	15	7	3	3.267
3m.	Lack of customer awareness	2	3	18	4	3	3.100
3n.	Lack of employee awareness	0	0	2	12	16	4.467
3o.	Lack of management awareness	1	3	15	8	3	3.300
3p.	Lack of specialized knowledge among management	1	8	12	5	4	3.100
3r.	Lack of qualified workforce	3	7	11	6	3	2.967
4.	What factors and tools can support the implementation of CE in our company?						4.116
4a.	Public procurement including CE solutions	0	2	17	5	6	3.500
4b.	Tax exemptions for companies implementing CE	0	0	4	12	14	4.333
4c.	Financial support for companies implementing CE	0	0	4	11	15	4.367
4d.	Consultancy on CE solutions	0	2	5	14	9	4.000
4e.	Public awareness campaign on CE	0	2	8	16	4	3.733
4f.	Online platform with examples of CE solutions	0	0	2	12	16	4.467
4g.	Courses for employees on CE	0	0	3	12	15	4.400
4h.	Support for recyclers and recycling	0	0	6	16	10	4.125
5.	How do you assess the knowledge of CE issues among the management and in other departments?						3.447
5a.	Top management	1	0	4	17	8	4.033
5b.	Environmental protection department	0	1	3	12	14	4.300
5c.	Chief technologist	2	5	4	16	3	3.433
5d.	Production and technical staff	3	7	13	6	1	2.833
5e.	Administrative staff	5	6	15	3	1	2.633
6.	How do voluntary management systems functioning in the company (ISO 9001, ISO 14001) affect the possibility of implementing CE concepts?						3.717
6a.	ISO 9001	1	1	15	7	6	3.533
6b.	ISO 14001	0	0	1	9	19	4.621
6c.	ISO 45000	8	13	6	2	1	2.167
6d.	EMAS	1	0	4	11	14	4.233
6e.	ISO 5001	0	0	7	15	8	4.033
7.	How important is the implementation of CE in selected areas of company’s activities?						3.006
7a.	Production	0	1	4	11	14	4.267
7b.	Warehouse	4	3	12	8	3	3.100
7c.	Supply	1	3	9	14	3	3.500
7d.	Administration	14	11	2	2	1	1.833
7e.	Machine maintenance	2	6	8	11	3	3.233
7f.	Occupational health and safety department	10	12	4	3	1	2.100
8.	How significant is the integration of CE principles into the company’s business model?	1	3	8	12	6	3.633

). Only the most significant research findings were discussed (Figure 4, Figure 5, Figure 6, Figure 7, Figure 8, Figure 9, Figure 10 and Figure 11).

The companies cited various reasons for implementing the circular economy (CE) principles (Figure 4). The most important reasons indicated were improving the company’s image, Corporate Social Responsibility (CSR), gaining a competitive advantage, the high fees for waste storage and pollution emissions, and increasing the company’s value. It can be observed that for the surveyed companies, social and reputational factors are the most important, which should influence how they are perceived by stakeholders and their immediate surroundings. They are aware of the importance of the natural environment and maintaining good relationships with their surroundings.

The respondents identified many benefits of implementing the CE (Figure 5). The highest rating was given to reducing the company’s carbon footprint, i.e., the extent to which the company impacts the natural environment. This was followed by the increased utilization of waste in production processes, greater energy efficiency, resource savings, and reduced energy costs. Therefore, it can be observed that they clearly see the benefits associated with optimizing the production process in terms of environmental protection.

Several barriers were also identified (Figure 6). The greatest barrier identified was the cost of implementation. Therefore, it is likely that the topic of financial support appeared in the previous questions. Additionally, the costly recovery of certain materials, the long-term nature of investments, and the more complicated operation of the company were listed as barriers. These are factors associated with changes in the operation of the company and the processes taking place within it. The implementation of the CE imposes additional obligations on a company. Another issue is the lack of awareness among employees who are often resistant to any changes being introduced.

The respondents also assessed which factors and tools can help in implementing the CE principles (Figure 7). The most important ones identified were an online platform with examples of CE solutions, courses for employees on the CE, financial support for companies implementing the CE, and tax exemptions for companies implementing the CE. Therefore, two options emerged as winners: substantive support and scientific support. Just as with the implementation of any changes, guidance on which solutions may work and training on the introduced changes are necessary. On the other hand, companies in such situations need financial support or tax exemptions to cover the expenses associated with the changes being introduced.

The respondents assessed various groups of employees in terms of their knowledge of the CE (Figure 8). According to the respondents, the group with the most knowledge about the CE is the environmental protection department employees, followed by top-level management. It is the managers that make decisions regarding any changes in the company, and for the CE, knowledge and experience in environmental protection are also necessary.

The respondents also identified voluntary management systems that can influence the implementation of the CE principles (Figure 9). The most important ones identified were the ISO 14000 system, followed by EMAS and ISO 50001. All these systems help in proper environmental management and can serve as a basis for implementing CE principles.

Analyzing the areas of activity where the CE principles can be implemented (Figure 10), the respondents mainly pointed to production. This is the area where individual materials and resources are used, but also where the largest amount of electrical energy is consumed, hence such a structure of indications.

The importance of implementing the CE principles into the business model in the surveyed companies was assessed (Figure 11). Most often, the respondents indicated it as important or neutral. It is worth noting that there is no obligation to implement the CE principles yet, and many companies are unaware that such an obligation will come into force in a few years.

The Circular Economy Business Model (CEBM) for the metal processing companies was developed after two stages of research, namely the focus group interview and survey research. Thanks to the final stage, which involved individual in-depth interviews (IDIs), verification was conducted. The final model is presented in

Table 3. The Circular Economy Business Model (CEBM) for a company producing metal products that are subsequently coated with electroplating [own study].

Key partners - Waste/by-product recipients (number of contractors); - Suppliers of raw materials and materials (number of contractors); - Partnership/consortium for CE activities, e.g., academic institutions, suppliers (number of partnerships); - Cooperation with local and state authorities in CE (number of projects); - Joint research and development initiatives in CE with suppliers/recipients (number of projects); - Collaboration with other SMEs in the same industry regarding CE (number of projects); - Inventors/scientists working on CE solutions (number of solutions).	Key activities - Establishing contacts with scientists in the field of CE (number of initiatives); - Improving production processes and related processes for CE (number of changes); - Internal transport optimization (PLN); - Environmental protection—central plant monitoring; systemic records (level of selected indicators); - Waste segregation (kg); - Utilization of waste/by-products (kg); - IT system for carbon footprint calculation (number of products covered by the system); - Water recovery, water loop closure, water records, rainwater (m3); - Heat recovery (avoiding CO2 emissions); - Continuous assessment and improvement of the CE business model (number of changes).	Value proposition - Detailed eco-design policy (number of products covered by the policy); - Detailed policy regarding the production process of CE products (number of processes covered by the policy); - Lower carbon footprint compared to competitors (kg CO2 of the enterprise and products); - Decarbonization strategy (number of implementations); - Greenhouse gas reduction strategy (number of implementations); - Regular contact with the business environment (number of meetings); - CE training for employees (number of trainings); - Organizational culture transformation in the context of CE (number of initiatives); - Information meetings with stakeholders (number of meetings).	Customer relationship - Informing partners (suppliers/customers) about CE activities (number of information provided); - Education of suppliers on CE (number of meetings); - Informing customers about the company’s CE activities (number of campaigns); - Customer education on sustainable development and CE (number of campaigns).	Customers segments - Market of environmentally conscious, sustainable development, and CE-oriented customers (sales volume in PLN); - Trade partners (distributors) focused on ecology, sustainable development, and CE (number of contractors); - Recipients of waste and processed secondary materials (number of contractors).
	Key resources - Incentive systems for employees for actions in the field of CE (PLN); - Investments directed towards CE actions (PLN);Environmental assessment of new investments (number of analyses); - Policy for waste, water, and energy management (number of procedures).		Channels - Information on the company’s website (number of announcements); - Social networks, social media (number of posts); - Direct contact by top management (number of announcements); - Information in local and national press (number of publications); - Participation in scientific conferences on metal processing (number of conferences).
Cost structure - Production department (PLN); - Procurement department (PLN); - Warehousing (PLN); - Maintenance (PLN); - New innovative initiatives/projects related to CE (PLN); - Company’s activities in the field of sustainable development and CE (PLN); - Environmental parameter monitoring system (PLN); - Purchase of green energy from the market (PLN).		Revenue streams - Sales of waste/side products (PLN); - Grants for CE activities (PLN); - Added value for CE activities to product assessment (PLN); - Savings from water purification and recycling (PLN); - Savings from reducing environmental fees (PLN); - Reuse of waste and unsold products (PLN); - Improvement of company’s image leading to increased sales (PLN).

. The units of measurement for assessing the model’s effectiveness are provided in parentheses.

The developed Circular Economy Business Model (CEBM) will enable the implementation of the necessary actions required within the framework of the circular economy (CE). However, the key activities can only be carried out when the value propositions and the main stakeholders, such as key partners and customer segments, have been defined and informed through appropriate channels. Additionally, the key resources are needed to support key activities. Unfortunately, implementation also entails costs (cost structure), but on the other hand, implementing the CE leads to the emergence of additional revenue streams.

The presented CEBM was developed not only for the surveyed companies producing metal products that are subsequently coated with electroplating, but also serves as a proposal for application in other small- and medium-sized enterprises (SMEs) in this industry.

Such business models are usually developed for a single specific enterprise. However, with the same production profile, we created a universal model based on the conditions of these ten enterprises, which was then verified through discussions with top-level managers. They confirmed that the placement of individual elements in the core parts of the model was appropriate and could be applied to the operational conditions of their enterprises.

The individual parts of the model contain an optimal arrangement of elements, but an enterprise that decides to use this model does not necessarily have to implement all the actions and elements, but only those that are feasible. This model can be treated as a starting point for creating a business model tailored to a specific enterprise.

It is noteworthy that the management of some of the surveyed companies is interested in implementing the circular economy principles according to the proposed model.

To implement the proposed Circular Economy Business Model (CEBM) in companies producing metal products that are subsequently coated with electroplating, a suitable operational plan for investment decision making in line with the circular economy (CE) needs to be developed. This plan, on the other hand, will not only allow for the improvement of metal processing processes, but also enable the introduction of environmental innovations in this process. The operational plan is presented in Figure 12. The plan also highlights the connection between its individual elements and identifies the pillars of the decision-making strategy.

The presented algorithm enables the optimal undertaking of investments related to the circular economy. It also indicates which areas of the enterprise’s operations these decisions will impact. Furthermore, it demonstrates the connections between individual actions.

While conducting research on the Circular Economy Business Model (CEBM) using the Canvas model, it was decided to additionally present a schema to help develop a research method for the Circular Economy Business Model for a company producing metal products that are subsequently coated with electroplating (see Figure 13).

The model creation scheme consists of six stages. In the first stage, a literature review on the circular economy (CE) and business models should be conducted. Next, the life cycle analysis of the product should be carried out to understand its environmental impact at various stages of its existence. Following this, it is essential to gather the opinions of employees, suppliers, and customers regarding their expectations for the CE. Subsequently, it is beneficial to use focus groups to develop appropriate technological and operational solutions related to the CE. Then, one should examine the CE business models implemented in other enterprises. Only after these steps can the process of creating a customized CE business model begin.

The Scopus and Web of Science databases do not list any publications on the Circular Economy Canvas specific to the metallurgical sector. Grabowska [43] claimed that the changes in models of the functioning of metallurgical enterprises are increasingly relating to the use of innovations, building social responsibility and sustainable development, which is closely associated with the application of knowledge management. Therefore, the need to create an appropriate model that could be used in such types of enterprises has arisen.

Montenegro et al. [44] combined the Kano methodology with the Business Model Canvas, presenting a unified model. They conducted a Kano questionnaire using 105 organizations in the aeronautical and metalworking sectors in Bogota, Colombia, assessing the attributes of a technology-based product (digital platform) planned by Aerospace Business Group LLC. The results of this survey were then integrated into the Business Model Canvas, identifying all the attributes crucial for customer satisfaction distributed across three sections of the model. However, this model is not very comprehensive and lacks sufficient guidance on implementing elements of the circular economy. It should also be emphasized that the European Union regulations are more stringent, which likely were not considered in the model; thus, it is uncertain whether it will be applicable under European conditions.

However, there are numerous scientific papers where the authors present interesting circular business model created for different industries and companies. The authors of a paper [45] developed a business model innovation tool known as the “Circular Business Model Value Dimension Canvas,” specifically tailored for circular business models. They validated the canvas by applying it to a social enterprise practicing a hybrid circular business model involving resource recovery, sharing platforms, and product lifespan extension. This validation helped identify the essential components within each element of the model, offering insights into how hybrid circular business models operate and emphasizing the key aspects related to circularity and sustainability. This study contributes to the theories on circular business models and demonstrates how such models can be effectively implemented through collaboration and partnerships, potentially benefiting various types of organizations seeking to adopt circular practices.

Therefore, it can be inferred that creating a new Circular Economy Business Model for the metallurgical sector, particularly for a company producing metal products that are subsequently coated with electroplating, was necessary. Most importantly, this model can be tested by the enterprises participating in this study. By developing a specific Circular Economy Business Model tailored to the metallurgical sector, especially for processes involving electroplating, the companies can align their operations with sustainable practices mandated by evolving environmental regulations. This initiative not only ensures compliance with the stringent European Union laws, but also fosters innovation in resource efficiency and waste reduction, thereby enhancing competitiveness and sustainability in the global marketplace.

5. Conclusions

Creating a business model aligned with the circular economy (CE) for the metal and electroplating sector is crucial for reducing the environmental impact and meeting the evolving consumer demands. By optimizing resource consumption, minimizing waste generation, and adapting to more sustainable practices, businesses can enhance their competitiveness and profitability. Moreover, such a model fosters innovation, stimulates economic growth, and positively impacts the other industries reliant on metal resources. Ultimately, integrating the CE principles not only addresses environmental concerns, but also drives economic and social progress, positioning the sector for long-term sustainability and resilience. Literature research has revealed an absence of publications in the major databases concerning models of this type within the metallurgical industry. Consequently, the findings of this article contribute to bridging this gap in the existing literature. Given that the metallurgical industry significantly impacts the natural environment in various ways, such a model could prove instrumental in mitigating this impact. By providing a framework for more sustainable practices, the model offers a proactive approach to environmental management. This advancement not only supports regulatory compliance, but also encourages innovation and responsibility within the industry, paving the way for a more sustainable future.

This article presents the results of research that led to the development of a Circular Economy Business Model (CEBM) for a company producing metal products subsequently coated with electroplating. This model is based on the Business Model Canvas. Thanks to the proposed research triangulation, it was possible not only to develop the model, but also to verify it. The development was complemented by an algorithm for making investment decisions according to the circular economy (CE) principles, as well as a schema for creating the CEBM for metal companies, with a focus on those producing metal products subsequently coated with electroplating. The presented results also serve as a proposal for application in other small- and medium-sized enterprises (SMEs) in this industry.

This model will be tested and validated through the participation of companies involved in this study under real-world conditions. This approach will help identify any potential shortcomings in the model, while simultaneously assisting the participating companies in complying with the environmental protection regulations. Moreover, the insights gained from this practical application will provide valuable feedback for further refining the model, ensuring it is robust and adaptable to diverse scenarios within the industry. This collaborative effort not only benefits the companies, but also contributes to broader environmental sustainability initiatives.

However, development is not without limitations. All the stages of research were based on interviews and surveys conducted among 10 metal processing companies. These are medium-sized enterprises located in the Silesian Voivodeship, reflecting the Polish reality. A broader approach may have resulted in a slightly different model. Nevertheless, it is important to emphasize that the Polish legal requirements regarding the circular economy and environmental protection are aligned with the European Union standards.

We plan further research, which will be conducted in two directions. The first set of research will focus on the utilization of the proposed model by the surveyed companies. Additionally, it is valuable to conduct research on the implementation of circular economy principles in the future, when this economy becomes mandatory for every company.