Hello,
Some recommendations based on personal use:
- Cabot Australian timber oil
- Base coat Waterlox original followed by multiple coats Waterlox marine, or Exterior water based products
- Base coat Marine Epoxy (i.e. West systems, System3, total boat epoxy sealer), followed by multiple coats of exterior rated varnish (epiphanes, Waterlox marine, or any Varnish of choice with UV blockers)
- General finishes Exterior 450 water based. I have found this product is better for vertical surfaces. If water sits on the horizontal surface, the finish becomes cloudy as it goes through moisture transfer. It eventually will resolve itself and clear up through evaporation and regaining equilibrium, but that could be a constant battle if constantly exposed to elements.
- Target EM 9300 water based. Can suffer the same horizontal surface challenges as Exterior 450, but I have found it to be much less sensitive.
Folks also recommend Sikkens / PPG Proluxe products, and others have advocated certain base tints of paint that dry clear. I have not tried these products.
Of course, your choice depends on budget, how easy you want the application to be, what you want the resulting look to be, and what maintenance schedule you want to be on. In my experience, and climate (Texas) ... Exterior penetrating oil needs to be refreshed every 9 months to yearly, clear film finishes every 2 to 3 years if completely left in the sun. Vertical surfaces may get more life depending on which direction they face the sun.
NOTE: Water based products over walnut can look very cold, so you may want to do a first coat in an oil based product or stain, then let dry for the applicable time depending on your choice of follow on UV top coats. Also I would not consider walnut a wood with the best outdoor properties, so you will have keep it thoroughly protected or mother nature will quickly take its toll.
My main disclaimer to all my clients with outdoor furniture, "there is no exterior finish that is invincible". All finishes will break down at some point depending on climate, cover (or lack thereof), and finish type. Clear finishes are less durable than solid or opaque finishes.
Some basic maintenance recommendations:
1) Wipe down monthly to avoid build up of dirt and grime
2) keep under cover if possible. UV is brutal, and I've witnessed finish lasting 2 to 3x as long just by being under a tree and out of direct sunlight and weather.
3) Refresh the finish when you start see cloudiness, lack of original color, or finish deterioration. Waiting too long results in cracks, peeling, and cellular breakdown of wood fibers, resulting in a lot more work to successfully refinish.
Regards