Lime mixed with water is a perfect paint. This is what is known as whitewash. The highly alkaline lime gives this slurry great antibacterial and antifungal properties for treating wood, farm walls, basements, etc. Furthermore, starting with a lime putty yields a much finer material, which we call lime paint, that can be colored.
Lime makes paint waterproof without sacrificing breathability. In manufacturing colorants and dyes, lime acts to accelerate chemical reactions and to remove harmful substances, such as chlorides.