That's just a muffler--looks like someone put that yellow sticker on there after they peeled it off the receiver/drier which should be near the radiator. Notice the arrows don't actually point to anything. You wouldn't want desiccant that close to the compressor outlet anyway--too hot there.
Tap on it with a screwdriver and you should hear a ping like it's hollow.
You can just swish some solvent around in there to clean it out and reuse.
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