Intel compilers don't recognize -m32. The separate ia32 compilers may be installed on 64-bit linux, and made active by sourcing their own environment script, e.g. /opt/intel/cc/10.1.017/bin/iccvars.[c]sh. There is a download package which includes both the 32- and 64-bit compiler, and should give option to install both.
Also, there is an ia32-only compiler download, which may be installed separately (no conflict with 64-bit). When I had trouble on 64-bit linux with its top level install script, I was able to run the lower level install script "data/install-cc.sh --run"
The 32-bit icpc is compatible with g++ -m32, and requires that compiler be working on PATH.