Commercial Aerospace Market Cyclicality: The demand for Howmet's specialized components is highly dependent on the health and build rates of the commercial aerospace industry, which is inherently cyclical and sensitive to global economic conditions, air travel demand, and airline profitability. A downturn in this market could significantly reduce orders and revenue.

Supply Chain Disruptions and Raw Material Volatility: Howmet relies on a complex global supply chain for critical raw materials like titanium, nickel, and aluminum. Disruptions due to geopolitical events, natural disasters, supplier failures, or fluctuations in the cost or availability of these essential materials can impact production schedules, increase operating costs, and reduce profit margins.

Customer Concentration Risk: A significant portion of Howmet's revenue is derived from a limited number of major aerospace manufacturers and engine makers. The loss of a key program, a significant reduction in orders from these primary customers, or their financial distress could have a material adverse impact on Howmet's financial performance.