Solvent-based paints: Very hard wearing, glossy finish but associated with longer drying times and a strong smell, usually can be used for exterior aplications due to its strong adsoptivity.
Water-based (acrylic): Quicker drying times, easy application, less smell, durable, exterior and interior use. These paints also emit low amounts of Volatile Organic Compounds (VOCs), which is good for the environment.