1. Oil-based pigments: these use an oil such as linseed to carry color. This paint adheres well to most surfaces and provides a touch, water-repellent, durable surface.
2. Latex paints: these paints use water as their carrier. They produce little or no fumes, and dry fast. They are easy to use and produce a breathable finish that allows water vapor to escape. It is not as durable as oil-based paint, but it is not far behind.
3. Varnishes and other solvent based finishes: these use solvent as their carrier. Solvents include things like mineral spirits, alcohol and acetone.

Every paint is made up of similar compounds, and it is these compounds that determine the quality of the paint. Carrier is the liquid that suspends the pigment and additives and allows materials to penetrate the painted surfaces. The way paint works is this: as the carrier evaporates the pigment hardens into a solid film that protects the surface against moisture and wear.

The pigment in the paint determines the coverage ability of the paint. The pigment provides both opacity and tint to paint. Most pigments found in paints are oxides. Back in the day lead oxides were commonly used, until it was discovered that lead was a health hazard, especially to children. Now zinc oxide and titanium oxide are most common. The more oxide the higher quality of paint, so choose one with a high grade.

The other thing paint contains are additives that produce special qualities such as rust inhibitors, drying agents, fungicides, bonding agents, antifreeze, emulsifiers, etc. The specific use of the paint will determine which additives are in it.