Premiere Pro generating 40gb's worth of swapfiles, running out of memory and hard drive space

Model Name:    iMac

Model Identifier:    iMac15,1

Processor Name:    Intel Core i7

Processor Speed:    4 GHz

Number of Processors:    1

Total Number of Cores:    4

L2 Cache (per Core):    256 KB

L3 Cache:    8 MB

Memory:    32 GB

Running Sierra 10.12.1

Running PP 2017

Trying to export a prores 422 media edited into a 1hr 49m piece in H264. Have a LUT (SGamut3CineSLog3_To_LC-709TypeA) running over the top of every shot through Magic Bullet Looks.

Rendering starts to bloat the "main/private/var/vm" folder containing the swapfiles. Each swapfile is 1.07 GB.

It only starts to bloat towards the end of the edit. I decided to render the timeline in two chunks to see if it helped but started to do the same thing. Just about managed to get to the end of the render. I tied deleting the swapfiles as they generated to see if it helped. Not sure it had an effect.

Looking at Activity Monitor memory tab PP seems to be hovering between 30-48gb but is growing slowly. CPU is at 578% but bouncing up as far as 650%

Really trying to find a solution to stop this from occurring.

Thanks