Wheel Peeling - GTechniq C5

I have these wheels on my S3 and I coated them with Gtechniq C5 wheel armour a few years back. I can see there is some peeling on the faces but unsure if its the lacquer on the wheel that has failed or the C5 coating. Anyone experienced this before?

The grey part is a satin finish so maybe the C5 didn't stick to it properly? The other wheels seem fine, just this one affected.

I would expect the coating to degrade after time, but I'm unsure if it just stops being hydrophobic or starts to break down in the form of peeling?

NHN said:

Tbh the main bubbling pic looks like paint, you need to scratch it as tbh mate it's not going to make any difference if it's paint as the whole wheel would be done anyway, so I'd see what happens when you try to dislodge.

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Yep, the bubbling is the paint, or the wheel underneath as it feels solid if I push on it. It does need a refurb, but dont want to get just the one done and the others dont need doing yet.

It's more the matte bits you can see where it looks like something is coming off (more noticeable on the last pic). I might try some medium cut cutting compound on it and see what happens.

I'm aware its polishing a t*rd, aim is to get it looking as respectable as I can for now.