A two-way valve is a type of valve that can control the flow of liquids or gases in two directions. It is used to regulate the flow of fluids in systems such as plumbing, HVAC, and industrial process systems. The two-way valve is typically composed of a body, bonnet, and a disc. The body is the main part of the valve and is usually made of metal or plastic. The bonnet is the cover of the valve and is usually made of metal or plastic. The disc is the part of the valve that opens and closes the valve. It is typically made of metal or plastic and is connected to the stem, which is the part of the valve that is used to open and close the valve. The two-way valve is used to control the flow of liquids or gases in two directions. It is commonly used in plumbing, HVAC, and industrial process systems. It is an essential component in many systems and can be used to regulate the flow of fluids, prevent backflow, and regulate pressure.