In fact, projects might even be on the planning boards in 2019 to shift industries into orbit in a wholesale manner.
--- Isaac Asimov (The Stare)
In 1983, Isaac Asimov predicted a shift to space-based manufacturing that would revolutionize the process of creating products and the environmental aftermath of such work. He noted that the volume of space far exceeds that of earth, so processes with negative impacts could safely shift to space. Naturally, the major disadvantage is the cost of transporting materials to and from space.
Two forces are currently working to bring those costs down dramatically. The first is increasing the number of launches and launchers, which creates competition, which lowers costs. The launchers popping up in Canada, Brazil, New Zealand, and the UK are so important in improving everyone's costs.
Read more about Canadian launch companies in When Canadians do Rocket Science
The second force is the increasing reusability of parts that were previously single use. SpaceX is the most broadly known example of the quest for reuse. Their Falcon 9s already return the first stage to base; and Starship is expected to fly more than daily. All rocket companies are focusing on some aspect of reusability, though, and companies like STOKE Space Technologies brings together talent from companies like SpaceX and Blue Origin with the goal of developing 100% rocket reusability.
Asimov's prediction of 2019 for shifting industries into orbit, was not completely accurate, but neither was he very far off. Today, Canada boasts two space mining companies, an key first step toward manufacturing, Lunar Water Supply and Canadian Space Mining Corporation The ability to mine resources and then process them in space, without returning them to Earth first is key in increasing off-planet manufacturing.
Image: JAXA Electrostatic Levitation Furnace – ELF.