32294365 is a damper valve used on the outlet side of the low pressure valve plate for the 2545 air compressor pump from Ingersoll Rand.
The outlet damper valve sits on the top of the valve plate and connects to the low pressure discharge finger valve (#32294332). This prevents the discharge finger valve from opening too far on the outlet of the pump.
32294365 is also included in the 32307118 Valve and Gasket Kit for the Ingersoll Rand 2545 compressor pump.
Part #: 32307118
Part #: 32307126
Part #: 32307084
Part #: 32319477
Part #: 38485298