An aqueous coating material curable physically, thermally, or both thermally and with actinic radiation, comprising A) at least one ionically and/or nonionically stabilized polyurethane which is saturated, unsaturated and/or grafted with olefinically unsaturated compounds, as binder, B) at least one color and/or effect pigment, and C) at least one colorless, transparent or opaque powder which is substantially inert with respect to the other constituents of the coating material and whose particles have an average size of from 1.0 to 10.0 .mu.m and a density of from 0.8 to 3.6 g cm.sup.-3; and its use for producing single-coat and multicoat color and/or effect paint systems on primed and unprimed substrates.