* A type of glue: This is the most common meaning. For example, "Necesito un pegamento para pegar esta foto" means "I need glue to stick this picture".
* The act of gluing: This interpretation is less common but still possible. For example, "Un pegamento de calidad te ayudará a tener un trabajo perfecto" means "High-quality glue will help you achieve a perfect job".
To understand the meaning accurately, you need to consider the context of the phrase.