Lawyers representing 200 people revealed a wrongful death lawsuit was filed in the United States on Tuesday.
Families involved in the case said it was a chance to ''see justice for all at Grenfell.
"Corporations must be held to account for each and every person who died or was injured.''
The companies named on the 143-count wrongful death and products liability complaint are Arconic, Celotex and Whirlpool, all of which have headquarters in the US.
The legal action has been described as "one of the largest product liability cases in history".
Arconic supplied cladding on the outside of the tower block, Celotex provided insulation used in the cladding system and Whirlpool produced the fridge freezer where the fire is believed to have started.
Lawyers for two US law firms said they have requested a jury trial in Philadelphia, seeking “undetermined compensation, including punitive damages, on behalf of the 247 plaintiffs”.
News of the legal action comes as Friday marks the two-year anniversary of the west London tower block fire which killed 72 people.
Marcio Gomes escaped the burning tower with his wife and two daughters, but the couple’s son Logan Gomes was later stillborn in hospital.
Commenting on the lawsuit, Mr Gomes said: “Corporations must be held to account for each and every person who died or was injured; from our son, the youngest person to lose his life, to the grandparents who died protecting the ones they loved.
“We will never forget. We will not let them down. We will see justice for all at Grenfell.”
Nicholas Burton’s 74-year-old wife Maria del Pilar Burton, survived the fire but died six months later in palliative care, and came to be considered the 72nd victim of the blaze.
Mr Burton said: “This lawsuit is about holding them accountable, and the most effective way to do that is by suing them where they are based – in the United States.
“This is a wake-up call for all major corporations who behave as if they are above the law and refuse to face up to the damage they cause or change their ways, even after horrific disasters like the Grenfell Tower fire.”
Corporations must be held to account for each and every person who died or was injured
Robert Mongeluzzi, from the law firm Saltz, Mongeluzzi, Barrett & Bendesky, said: “We are honoured and humbled to represent our clients in their quest for justice.
“We seek to hold these American companies accountable on their home turf to send a message that conduct like this will not be tolerated anywhere in the world.”
A spokesperson for Arconic said: “Arconic has no comment on any potential litigation.
"We continue to support the Public Inquiry and the investigations by the authorities.”
A spokesperson for Celotex added: “The company is considering its position in relation to this action.”
They continued that the firm “remains committed to providing all relevant information to the Inquiry to assist it in its work”.
A spokesperson for Whirlpool said: “While the inquiry is ongoing, it would be inappropriate to comment further at this time.
“Separately, we would like to reassure owners of these products that they are safe and they can continue to use them as normal.”
Deborah Coles, executive director of the charity Inquest, said: “Families and survivors of the Grenfell Tower fire have been loud and clear: they want to ensure no-one else should have to go through something like this ever again.
“This legal action aims to achieve corporate accountability and safer practices which will benefit us all.”