U.S. chemical makers and appliance manufacturers say they could cede global market share and risk stranding investments if lawmakers can’t reach a deal on a measure to limit climate-warming coolants.

Right now, U.S. industry stands to lead the development of climate-friendly replacement chemicals and the cooling appliances that use them. Without a federal framework, though, the United States risks losing its foothold, several chemical and appliance companies told senators during a monthlong virtual public hearing on a bill to phase down hydrofluorocarbons, or HFCs.