Equation of state models (Mie-Gruneisen equation of state etc) have been widely used to study hydrodynamic response of material during explosive deformation, ballistic impacts for a long time. As far as I understand, a hydrodynamic response is required to be incorporated in a model if the pressure of impact leads to an increase volumetric strength. That is the stress wave speed in the material exceeds the speed of sound in the material (v = sqrt(elastic modulus/density)). Ballistic impacts occur at strain rates close to 10^9 to 10^12/s.
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