Aluminum (Al) is a high-demand material in the climate-neutral scenario. Due to that, its global outspread makes the value chain have multiple net of nodes and flows and when recycled Al is considered, the system gains complexity. Al recycling plays a key role in fulfilling Al increasing demand because primary Al production is energy intensive, causing environmental impacts. Al recycling requires deployment of appropriate recycling technologies and change of companies’ current (linear) business models. Therefore, the shift from linear to circular economy (CE) requires that companies implement Circular Economy Business Models (CEBMs). The implementation of circularity aspects and corresponding value creation in value chains needs to be case-specific, because different aspects of the CE entail challenges, unpredictability, and, potentially, issues in linear established value chains. Systems Thinking (ST) offers understanding by holistically looking at the interrelationship among a system’s parts and its environment, acknowledging complexity. This paper uses a Systemigram, a ST tool, to enlighten the dynamics of a recycling-based CEBM in the Al value chain, and forward-looking challenges from such implementation. Results show that dense communication, technology advances, and alternative stream flow for recycled casting Al are innovations needed in the circular value chain. The paper discusses the concepts of technology transfer and knowledge management as enablers for circular innovation, and digitalization as an aiding factor in the process. Finally, the paper acknowledges the importance of uncovering pathways to fulfill technology transfer among actors of the value chain to mature and accomplish the proposed business model.