An air actuated adhesive application control valve using a resilient diaphragm to control reciprocation of the valve stem. Unsupported portions of the diaphragm are supported by a layer of the incompressible adhesive trapped within a fluid cavity adjacent one major surface of the diaphragm. Adhesive is permitted to enter the fluid cavity when the valve is in the closed position, but is prevented from escaping therefrom by a separate valve mechanism carried by the valve stem when the valve is in the opened position. The second valve element also serves as a stop to limit travel of the reciprocating stem, thereby controlling the valve opening clearance.