With rare earth metals getting rarer, what happens to the much-vaunted electric cars of the future?

PricewaterhouseCoopers LLP, in a survey of senior executives from 69 manufacturers, said at least seven manufacturing industries, including automotive, chemicals, aviation and renewable energy, are likely to face a shortage of raw materials and a slump in industrial activities, as 14 rare earths may run even shorter in the next five years.

"Global manufacturers may be seriously affected by a critical shortage of raw materials which could disrupt entire supply chains and economies," PwC said.

Beryllium, cobalt and lithium have been forecast to become scarcer in the next few years. Beryllium is used as a lightweight component in military equipment, while cobalt is used in industrial manufacturing. Lithium is used for wind turbines and hybrid cars.

Tantalum and flurospar will also face a shortfall, PwC added.

PwC urged leaders of the manufacturing industries to start drafting fallback plans and fast-track implementing them, if only to sustain their immediate business plans.

"Many businesses now recognise that we are living beyond the planet's means," Malcolm Preston, PwC's global sustainability leader, said in the report. "New business models will be fundamental to the ability to respond appropriately to the risks and opportunities posed by the scarcity of minerals and metals."

"The world's growing population, an increase in GDP levels and changing lifestyles are causing consumption levels to rise globally - creating a higher and higher demand for resources," Hans Schoolderman of PwC Netherlands pointed out.

"Governments and companies should all be aware of the scope, importance and urgency of the scarcity of both renewable and non-renewable natural resources: energy, water, land and minerals."

China, the world's second-largest economy and stronghold of 95 per cent of the world's rare earths, has been operating without any serious competition for more than a decade, achieving absolute dominance in the market in the 1990s.

Outside of China, at least five players are seen capable to feed the global demand: Molycorp Corp., Lynas Corp. Ltd., Arafura Resources Ltd., Frontier Rare Earths Ltd., and Rare Element Resources Ltd.

But the five producers will not be in business until the beginning of 2015.

Read more:

China Cutting Rare Earth Production to 70% by 2015: Study

Grim Supply, Price Scenario Push Rare Earth Manufacturers to Scour New Options

South Korea Pushes to Acquire 30% More of South African Rare Earths Mine