The global annual material throughput exceeds 100 billion tonnes. This accounts for approximately one-third of the world's energy consumption and over half of global greenhouse gas emissions from the extraction of resources to produce construction materials. Principles of circular economy offer ways to reduce this throughput. By employing circular principles and making careful material choices, businesses can transition towards a circular economy characterized by minimal waste and reliance on renewable energy sources. Some companies are now setting circular economy goals and integrating them into their business and operations. One challenge they face is - how do we choose materials based on these new goals, circular economy principles? This report introduces the Circular Material Palette Tool (CMPT) for assessing and selecting more circular materials. Inspired by nature's approach of using a limited palette of only a few elements from the periodic system to build complex systems through lowtemperature, renewable processes and renewable energy. The CMPT provides structured support to firms involved in materials choices in early phases for business and design in exploring ways for more circular material usage. The CMPT aims to support multiple use cycles of materials used and reducing waste to a minimum, fostering informed material choices aligned with eco-sustainability goals. Further, the CMPT supports setting up Circular Material Palettes (CMP), a collection of promising materials, that can meet the circular design criteria set up by the businesses. Additionally, the report provides design guidelines to optimize the use of assessed materials' strengths and weaknesses in business and product design.