That is a 2 component epoxy, using a disposable mixing tube on the dispenser to thoroughly blend the 2 parts during the time it leaves the 2 tubes and arrives at the end. This then is applied to a clean oil free surface that has previously had a surface preparation film on it ( the green epoxy paint you see on the inner airframe, older used a yellow Cadmium coat but they moved to a less toxic coat a while ago) and a final prep just prior to the bonding action. This is then held with the rivets till it is cured, the rivets providing the clamping force required on the film of adhesive. IIRC the epoxy has around a 15 minute pot life and cures somewhat during the first 4 hours, but needs 48 hours till it is finally cured, though depending on the actual one in use this can vary considerably, and also can be accelerated with a heat cure.
You throw the mixing tube away with each change of tubes, they come as a prepack with the 2 aluminium wall tubes ( depending on the mix ratio different diameters), a screw in holder that holds the tubes in the dispenser then the mixing tube and it's internal labyrinth mixing path to the dispensing nozzle, all in a pack often having a small bottle of solvent, nitrile gloves, lint free swabs and a scotchbrite pad to clean the surface, used for panel rework when you have to remove the panel. The dispenser is also used to apply the windscreen mastic, which is really hard to remove from the metal.
Similar to what is done to install a modern windscreen, which is bonded to the car body structure, as it is a part of the passenger compartment rigid frame, and has to absorb impact energy. Audi use it as well to bond body panels, though there they use a jig that holds them in alignment till the heat cure is finished.