I know this is a 5 year old post but I was thinking the same thing. However, I'm pretty sure .32acp would have rim lock issues in a double stack since it is a semi-rimmed case.As someone that carries a kel-tec p32 almost daily in a pocket holster, I find the 32acp to be a superior mouse gun round over the 380acp, 25acp, and 22lr. It's significantly more accurate than the 380, it's far more powerful than the 25, and it's both more powerful and reliable than the 22lr providing one uses the correct magazine to prevent rim-lock. While I feel that the 380 is quite a bit more powerful, it doesn't reliably expand when fired from a short barrel; therefore, the 32's accuracy advantage trumps the 380's power advantage in a mouse gun IMO.
With that being said, I would take a 380 in a sub-compact over a 32 any day of the week. I own a Glock 42 in 380, and it is extremely accurate for a small handgun unlike my kel-tec P-3AT was, due to the fact that recoil is not a factor in my Glock 42. I got the Glock 42 for my wife because she tried a few sub-compact 380's and preferred them to the 9mm. She carried the Glock for a while, but eventually stole my Ruger sr-22 because she found it more enjoyable to practice with and shot it with incredible accuracy. She also liked the thumb safety. While 22lr is not ideal for a defense round, I sure wouldn't want to be on the business end of one loaded with a mag full of stingers.
Anyways, I got to thinking, what if they made a double-stack 32acp in a polymer sub-compact? Out of a 4" barrel, a hot 32acp HP would expand, the recoil would be minuscule, and capacity could easily be 15 rounds, while still keeping the gun thin enough to easily conceal. If this could be done "well" I can't imagine such a piece not being popular with recoil sensitive shooters.
Is there a market for this in your opinion?