The yield stress of rubber-modified epoxy adhesives is affected by hydrostatic stress in the adhesive layer. It is necessary to clarify whether hydrostatic stress modeling is essential for highly toughened epoxy adhesives and how hydrostatic stress should be considered under high multiaxial stress conditions. The elastic–plastic stress–strain behavior of a film-type epoxy adhesive AF163-2U was examined using a bulk adhesive tension test and a thick adherend shear test (TAST). The exponent Drucker–Prager model with an appropriate hydrostatic-stress sensitivity parameter (λ-parameter = 1.639) fully described the stress–strain curves both for the bulk adhesive tension test and TAST. The Hill’48 model of hydrostatic-stress-independent plasticity also simulated the bulk adhesive tension test and TAST as a response by determining the appropriate anisotropic parameters. To examine the effect of extremely high hydrostatic stress, a butt-joint tensile test and a finite element (FE) simulation were conducted using the exponent Drucker–Prager and Hill’48 models. The Hill’48 model completely failed in the butt-joint tensile test simulation. The exponent Drucker–Prager model, where a higher λ-parameter (=2.1) was required; consequently, it was concluded that the hydrostatic-stress effect should be considered for the adhesive model and the λ-parameter is not a fixed value but increases with increasing hydrostatic stress.
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