This study investigates the effects on new product demand and raw materials from the growth of a company's product-service system (PSS), using dynamic material flow analysis. The PSS involves multiple reuse and recycling of lithium-ion battery subpacks for mining equipment. While effects differ over time, 13% of new subpacks and 13–59% of primary material demand is reduced within the PSS until 2050. Supply of subpacks for reuse surpasses demand, limi. This study investigates the effects on new product demand and raw materials from the growth of a company's product-service system (PSS), using dynamic material flow analysis. The PSS involves multiple reuse and recycling of lithium-ion battery subpacks for mining equipment. While effects differ over time, 13% of new subpacks and 13–59% of primary material demand is reduced within the PSS until 2050. Supply of subpacks for reuse surpasses demand, limiting displacement of new subpacks. Reuse increases battery self-sufficiency and has limited effects on primary material demand when recycling is efficient, but more so when recycling is less efficient. Thus, if efficient recycling is unachievable, reuse becomes more important for raw material self-sufficiency in the PSS. Reusing batteries could lead to European recycled content targets not being reached in time. Thus, such targets are challenging to balance with policy goals for reuse and pose risks for companies relying on extensive reuse.••••Investigating multiple reuse & recycling introducing a battery as a service system.••Dynamic material flow analysis of battery demand and raw materials until 2050.••Demand for reuse limits displacement of new batteries to 13%.••Primary materials reduced by 13–59%, mainly through recycling, not reuse.••European recycled content targets may be missed due to reuse.Circular economyCircular business modelProduct-service systemDynamic material flow analysisThe circular economy (CE) is increasingly suggested as a solution to current unsustainable production and consumption practices (Ghisellini et al., 2016; Reike et al., 2018) by extending resource life through strategies like reuse, recycling, and improved product durability – underpinned by public policy, product design, and circular business models (CBMs) (Blomsma and Brennan, 2017; Bocken et al., 2016). Incentives for companies to implement CBMs include minimising supply risks, reducing environmental impacts, and decreasing production and material costs (Urbinati et al., 2017). A product-service system (PSS) is a common type of CBM that involves the provision of services, as opposed to traditional sales of goods (Kjaer et al., 2019; Tukker, 2015). This could facilitate circulation of products and materials since product ownership can be maintained throughout the product's lifetime, which in turn could improve the predictability and reliability of the return flows (Linder and Williander, 2017) and is argued to minimise material flows in the economy (Tukker, 2015). However, while a PSS could reduce environmental impacts and material flows, the degree to which this might occur cannot be taken for granted (Blüher et al., 2020; van Loon et al., 2021).Assessments of CBMs often focus on environmental impacts, which are investigated using life cycle assessment (LCA) (Blüher et al., 2020; Kaddoura. 2.1. Case descriptionThe transition to underground hard-rock mining-machines with traction batteries is driven by a requirement to decarbonise operations, cost-savings related to decreased ventilation requirements when using batteries, and improving working conditions for machine operators. The studied case reflects such a transition by a company providing batteries as a service. The description of and data for the investigated business model has been produced in collaboration with the company. It includes three machine types: 1) trucks; 2) loaders, both of which are available in different size classes; and 3) five types of drilling rigs. The market demand for the machines is determined by the run-of-mine2 extraction in underground hard rock mines.The batteries3 consist of standardised 93-kilowatt-hour subpack units, which can be combined into battery packs consisting of up to seven subpacks that are sold as-a-service to the customer. Thus, it is possible to accommodate the machine requirements independent of machine type or size class, using the subpacks as building blocks. Due to differing user needs, intensity of use, and length of operation during one charge, the subpacks are taken out of use at varying levels of degradation depending on the machine they are used in. The batteries in trucks and loaders are used until approximately 80% state of health capacity (SOH) and in rigs until aroun.