Part of the ANSI Standard A13.1-2007 Scheme for Identification of Piping Systems that recommends a universal approach to pipe and valve identification is a predetermined color scheme.
This secondary piece of pipe identification has been revised in the latest 2007 revision. This portion of the standard has changed dramatically. In addition, the terminology of inherently hazardous or non hazardous has been removed from the standards. The combination of Yellow/Black is now assigned with flammable fluids, and Green/White shall now identify potable, cooling, boiler feed and other waters. These two changes mean that legends such as hot water, cold water and steam will now all use the color code of Green/White.
The other significant color changes include the addition of Brown/White for combustible fluids and Orange/Black for toxic or corrosive fluids. The fact that the standard has identified specific colors for flammable fluids, combustible fluids and toxic or corrosive fluids means you must consult Material Safety Data Sheets (MSDS) before selecting a color. Further, if the pipe content contains multiple hazards (flammable and toxic) it must be determined which poses the greater risk and marked accordingly. For example, if chilled or heating systems contain toxic treatments the color combination should be Orange/Black. The 2007 standard also identifies for the first time four additional used identified color combinations and specifically identifies all of the exact background colors to be used. The exact colors are safety colors contained in the ANSI Z535.1-2007 standard.
For easy pipe marker color identification of fluids, see the diagram below.

