Is .32 ACP the new .380?

Richard has done a really nice write up about the possible coming rise of the .32 ACP over at his blog, Guns Holsters and Gear

Just a couple of years ago, the .380 ACP was a secondary cartridge: largely ignored by professional gun toters, eschewed in the press by gun experts, and not a big seller for dealers.  Now, it is the exact opposite thanks, in large part, to the Ruger LCP.  Since then, nearly every manufacturer introduced a .380 pistol trying to cash in on this invigorated market.
The question asked at many gun manufacturers’ marketing and design meetings has undoubtedly been “What’s the next big trend?”
Some are looking at the .32 ACP.
On the surface, the state of the .32 ACP is similar to that of the .380 ACP from three years ago.  Guns and ammo can be found in the caliber, but nothing really new, and nothing really hot.

Go read the whole thing. As I noted in the comments section:

I bought my P32 during the Obama Gun Glut…. I decided I wanted a pocket pistol for times when I could not carry my Glock 26 and then finally narrowed it down to the Kel-Tec. It was bought at a time when you could not find any pocket pistol anywhere within 500 miles and I decided that I was going to get the first new P32/P3AT that I could find. It ended up being the P32 and I am very happy with it.

IMO, the small trade off in 32 performance from .380 is not enough to be significant. I also like the weight advantage you get (vs the P3AT and all the other .380s) as well as the extra round in the mag. I also believe that the significantly less recoil in the .32 is a huge advantage as I am a firm believer that you need to empty the whole damn mag into the bastard.

To answer your original question: Maybe.

I think it all will be driven by the ammo industry. Once many different manufactures come out with enough tricked out loads to do to the .32 what was done with the once sub par .380 it will catch on like wild fire….. This all of course will be driven by the gun makers who have to sell enough guns first to make it worth while for the ammo companies to do the R&D needed to supply the high performance ammo. Maybe if Ruger introduces a sexy little .32 it will happen. The Kel-Tec and the SeeCamp have been out for a while in .32, but like the .380 I dont think Kel-Tec is going to be enough to start the wild fire.

The .32 is a good round, and like I said, it doesnt give away enough to the .380 that it really matters. You still get enough penetration and expansion to make it enough gun. Corbon already has a really nicely performing hallow point:
http://www.goldenloki.com/ammo/gel/32acp/gel32acp.htm
… and they are now offering their DPX in .32 ACP and that thing is a monster when it comes to expansion:
http://www.ktrange.com/phpbb2/viewtopic.php?t=8234