Compare the drying time of each product. According to Staten Island Live, lacquer dries very quickly, usually in five to 10 minutes. Urethane takes much longer to dry and may require up to 24 hours before it is completely dry. In addition, urethane usually requires sanding and cleanup between each coat, while lacquer does not require sanding. If you need your project finished quickly, choose lacquer instead of urethane to reduce drying time.
Understand how each of these materials is applied. Lacquer is typically sprayed, and requires a paint sprayer or similar tool. Urethane is applied using a paint brush and does not require sprayers or specialized equipment.
Consider what you need in regard to the durability of each finish. According to Staten Island Live, urethane is much more durable than lacquer and is almost always the best choice for floors and furniture that are subject to high abuse.
Consider the fumes created by these materials. Lacquer is known for its very strong smell, which may linger even after the finish is dry. Urethane products, especially water-based materials, have a much milder odor.
Evaluate repair options. Layers of lacquer finish tend to bond well with one another, making this finish fairly easy to touch-up or repair. Urethane layers do not bond and are difficult to repair if damaged. A urethane finish will often need complete removal and reapplication, while you can simply touch up lacquer without refinishing.
Determine what type of appearance you desire. According to Furniture Magazine, urethane often develops a plastic-like finish that can obscure the natural beauty of the wood. It also tends to yellow with age, while lacquer will not yellow, according to The Woodworks, Inc. Lacquer produces a more natural finish with none of the plastic-like appearance of urethane.