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An overview of the theory and applications of the Lattice-Boltzmann Method (LBM) is presented in this paper. LBM has gained a reputation over the past decade as a viable alternative to traditional Reynolds-averaged Navier-Stokes (RANS) based methods for the solution of computational fluid dynamics (CFD) applications in the aerospace and automotive industries. The theoretical background of the method is presented and the key differentiators to traditional RANS methods are summarized. We then look at current and potential future applications of CFD in the aerospace industry and identify a number of areas where the limitations of RANS tools, in particular with regard to unsteady flows and the handling of complex geometries, prevent a deeper penetration of CFD into product development processes in the aerospace industry.