In the context of Thailand’s efforts on climate change adaptation and sustainable economic growth, its Ministry of Industry has proposed the circular economy framework as the future direction of “Factory 4.0” for Thai industries. • Despite policies in place to promote circularity models and a growing awareness among policy makers, Thailand has yet to achieve its full circular potential. Slow change in consumer demand for circular products and services, lack of relevant skills within enterprises, high risk perceptions amongst enterprises and lack of targeted support for small businesses with circularity potential hinder progress. • SEI’s research highlights opportunities in: i) improving information and education; ii) encouraging regulation and policies; iii) financial incentives and penalties; and iv) improving access to technology and infrastructure for circularity.