Waterborne coatings. Waterborne wood paint consists of 40% water, 30% resin emulsion, 25% pigments and fillers and 5% additives. Old elm furniture painted with this kind of paint also feels very comfortable. Moreover, elm can be dried, reshaped and carved with lacquer, and exquisite carved lacquer crafts can be made. The water-based paint on elm gives people a visual feast and is very beautiful. So the water-based paint on elm is the best.