Aargh! I've seen that before [:'(]
Though not on a CD tray - I last saw it on my (last but 3) motorbike's crankcase covers. Aluminium alloy rot. Happens to alloy wheels, too. When the lacquer protecting aluminium from oxidising fails water vapour in the air starts to rot the aluminium. (You get a similar looking effect from fungus on old camera lenses, but I think we can rule mouldiness out here.) If I'm right about it being lacquered alloy, you'll need to strip off the lacquer, remove the white powder with some alloy cleaner, polish it up as best you can and re-lacquer. The longer you leave it the worse (deeper) it will get. I hope my diagnosis is wrong.
Steve