Exploring circular business model design for large-scale carbon mineralization technologies

• A viable business model is essential for scaling carbon mineralization. • Circular business model depends on sustainable value creation and factors influencing it. • Value results from effective use of resources and capabilities. • Business model framework guides commercialization, reducing waste and effort. This article aims to address the limited understanding of business model development in commercializing carbon mineralization (CM) technologies. Existing frameworks broadly describe business models in carbon capture utilisation and storage (CCUS) projects but fail to sufficiently integrate technological scaling requirements and multi-stakeholder value mechanisms integral to CM that shape value propositions, value creation and delivery structures, and value capture strategies, especially the conversion of CO 2 into valuable product. To bridge this gap, we develop a descriptive conceptual framework that links technological aspects of CM, such as process scaling, material transitions, resources requirements, directly shaping business model mechanisms that define how sustainable value is created, delivered, and captured across stakeholders in the value chain. By utilising qualitative thematic analysis with a deductive coding approach within a Finnish industry-academia joint research project, we extend this exploratory conceptual framework. We identify sustainable value created and captured by different stakeholders and identify how resources and capabilities influence value creation processes along the value chain. We further explore how value proposition, value creation and delivery, and value capture, along with key barriers and drivers, influence the adoption of large-scale carbon mineralization. With limited research on CM business model development and a large gap between current R&D and commercialization, the study offers a novel framework providing practical insights for stakeholders and developers to support and accelerate the commercialization of CM technologies.