Steering Wheel - bubbling rim??

[fulla]

Not sure if this is a known fault. I have a 52 plate MCS with 17k miles. I have noticed the rim on the steering wheel on the right hand side has started to bubble up. It is the multi function wheel and is not leather. The car has no warranty, however I wouldn't expect a wheel of this age to start to wear like it has.
Any advice or comments welcome..