Ahh good point about it dissolving!
I experienced the same when the car was toasted in the sun. You would think that the synthetic material would expand and make the issue worse. Unfortunately as soon as it was cold, back came the blister.If you have a little lifting, a quick blow over with an hair dryer/hot air gun (on low!) shrinks it tight for a while.
Discovered this when I found the wheel like new after the car left outside in hot sun.