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Better than CWF-UV?
Will be needing to re-coat the log house soon (white cedar).
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Certainly, it is better than Thompson's.
CWF-UV is unknown to me, so I cannot say whether it is better or worse.
Penofin 550 VOC Blue Label Original Formula contains (from SDS):
68333-62-0 Fatty acids, tall-oil, polymers with ethylene glycol = 11.3%
8001-20-5 Tung Oil = 3.27%
Trade Secret material = 12.9%
So, almost 28% material that is not just a solvent.
I have Penofin on my fence, gate and exterior porch planks. These are ~30 years old and still going strong. Yes, it needs to be refreshed every few years but it is easy to do.