The TPS54332 is designed to operate using an external catch diode between PH and GND. The selected diode must meet the absolute maximum ratings for the application: Reverse voltage must be higher than the maximum voltage at the PH pin, which is Vin(max) + 0.5 V. Peak current must be greater than IOUTMAX plus on half the peak-to-peak inductor current. Forward-voltage drop must be small for higher efficiencies. Make note that the catch diode conduction time is typically longer than the high-side FET on time, so attention paid to diode parameters can make a marked improvement in overall efficiency. Additionally, check that the device chosen is capable of dissipating the power losses. For this design, a Diodes, Inc. B340A is chosen, with a reverse voltage of 40 V, forward current of 3 A, and a forward voltage drop of 0.5 V.