Dessicant disintegration and corrosion both point to liquid water contacting the drier. I assume that you have an aftercooler on the compressor; investigate if the autodrain is plugged (indeed, check if you have one!). It should be discharging an appreciable amount of liquid water, as about 6/7 of the water in incoming air should drop out on cooling back to near ambient temperature. The dessicant drier isnt designed to take liquid water.