Circular Economy of Steel Recycling Companies in Thailand

The new “circular economy” model would revolutionize the economy. It should also be noted that several business models will be needed to optimize their efficiency and overlap as the system evolves over its lifetime. The business model of the circular economy is based on the principle of “value creation” of the conventional economy. In this study, we interviewed 67 managers from the steel industry in Thailand. Statistically, 71.2% of respondents felt that steel consumers would be able to pay a higher price for clean goods. Also, 87% believe that governments must contribute to the development of the circular economy. They said that their group also organizes training activities for educating the workforce. Moreover, 80.1% indicated that their organization must inform management and workers of the value of the circular economy. Accordingly, 64.7% of respondents stated that there is no government funding for scrap metal recycling. Overall, 36.3% of people felt there was a shortage of scrap metal work.