Real-time and scalable multicast services are of paramount importance to Industrial Internet of Things (IIoT) applications. To realize these services, the multicast algorithm should, on the one hand, ensure the maximum delay of a multicast session not exceeding its upper delay bound. On the other hand, the algorithm should minimize session costs. As an emerging networking paradigm, Software-defined Networking (SDN) can provide a global view of the network to multicast algorithms, thereby bringing new opportunities for realizing the desired multicast services in IIoT environments. Unfortunately, existing SDN-based multicast (SDM) algorithms cannot meet the real-time and scalable requirements simultaneously. Therefore, in this paper, we focus on SDM algorithm design for IIoT environments. To be specific, the paper first converts the multicast tree construction problem for SDM in IIoT environments into a delay-bounded least-cost shared tree problem and proves that it is an NP-complete problem. Then, the paper puts forward a shared tree (ST) algorithm called SDM4IIoT to compute suboptimal solutions to the problem. The algorithm consists of five steps: 1) construct a delay-optimal shared tree; 2) divide the tree into a set of subpaths and a subtree; 3) optimize the cost of each subpath by relaxing the delay constraint; 4) optimize the subtree cost in the same manner; 5) recombine them into a shared tree. Simulation results show that the algorithm can provide real-time support that other ST algorithms cannot. In addition, it can achieve good scalability. Its cost is only 20.56% higher than the cost-optimal ST algorithm. Furthermore, its computation time is also acceptable. The algorithm can help to realize real-time and scalable multicast services for IIoT applications.