The sustainability of industrial processes and products is a core issue of our time. There are several approaches to move from a linear, inherently wasteful economic principle to a circular economy focused on conserving products, resources, and energy. However, selecting which of the circular economy strategies ranging from reuse, repurpose, and remanufacture to recycling is crucial to ensure the economic viability of the product. This contribution proposes an iterative, component-based circular economy strategy selection method that supports product and production planners in choosing the appropriate circular economy strategy. For this approach, the suitability of each component for circular economy strategies is assessed based on identified key properties. In case of no fitting strategy, further component decomposition is devised, and the process is repeated. To further support the design of circular economy strategies, a modular process build set is suggested, enabling the swift composition of the processing sequence. The approach is then applied to the example of an electric motor of a battery electric vehicle. The presented approach allows a quick first assessment of the viability of different circular economy strategies and helps product and production engineers develop product-specific circular economy strategies.