I haven't heard of this happening to anyone, but I'd recommend taking it to the dealership for warranty repair, assuming it just happened and didn't occur as the result of a spill of some caustic substance (very unlikely). I'd think it might be difficult to touch up the silver on that material properly, and it should be covered.
Paint Peeling from the Steerign Wheel Spokes (Replace Covers) #04-02-35-007 - (Apr 20, 2004)
Paint Peeling from the Steering Wheel Spokes (Replace Covers)
2004 Pontiac GTO
Some customers may comment that the silver paint is peeling from the spokes on the steering wheel.
Don't Do This
Replace Steering Wheel
Remove the steering wheel. Refer to SI Document ID #1379596 and unscrew the covers from the wheel. Install the new covers and reinstall the wheel.
Cover, Steering Wheel OPG
Parts are currently available from GMSPO.
For vehicles repaired under warranty, use:
Wheel, Steering --Replace
GM bulletins are intended for use by professional technicians, NOT a "do-it-yourselfer". They are written to inform these technicians of conditions that may occur on some vehicles, or to provide information that could assist in the proper service of a vehicle. Properly trained technicians have the equipment, tools, safety instructions, and know-how to do a job properly and safely. If a condition is described, DO NOT assume that the bulletin applies to your vehicle, or that your vehicle will have that condition. See your GM dealer for information on whether your vehicle may benefit from the information.