Abstract: A pigment paste for use in preparing aqueous paints includes a binder that includes at least one polyurethane acrylate resin, water as a solvent, and a pigment component that may be an organic pigment, an inorganic pigment, or carbon black. Preferably, the polyurethane acrylate is a product of a process comprising polymerizing one or more ethylenically unsaturated monomers in the presence of a polyurethane resin, which has a number-average molecular weight from about 200 to about 30,000, and which contains, on average, from about 0.05 to about 1.1 polymerizable double bonds per molecule. The reaction product is then converted into an aqueous dispersion, and mixed with the pigment and water to form the pigment paste. A preferred pigment paste contains from 10 to 35% of the polyurethane acrylate resin, from 10 to 65% water, and a percentage of the pigment component which varies, depending on the material selected.