Originating in the metaverse concept, the industrial metaverse offers new potentials for industrial value creation. In an industrial metaverse, the entire production can be mapped and simulated virtually, which enables industrial companies to achieve greater efficiency through the early detection of errors or optimized production planning. However, despite of technological foundations, there is a lack of research regarding its fields of application. This paper attempts to identify paradigms for application of the industrial metaverse through a deductive analysis based on 41 interviews with experts from practice. It presents an initial conceptual framework based on a product lifecycle management (PLM) perspective. Drawing upon the insights from the expert interviews, this paper offers an examination of the five dimensions of PLM within the paradigm of the industrial metaverse. Subsequently, this study provides theoretical implications for future studies and practical implications for organizational and strategic aspects. The findings contribute to the novel technological paradigm of the industrial metaverse and offer insights into its fields of applications in manufacturing.