Phew !! Finally I was able to build libglfw.so, libglfw.so.3 libglfw.so.3.2 32 bit after installing a lot of dependencies !!!
Just to help others I wanted to post here what I did.
In order to build 32-bit glfw libraries on Linux(I used Ubuntu), execute the following commands and install the following list of all dependencies
Commands : ( Much listed by @mmozeiko above )
1) dpkg–add-architecture i386
2) sudo apt-get update
3) sudo apt-get install gcc-multilib libx11-6:i386 libxrandr-dev:i386 libxinerama-dev:i386 libxxf86vm-dev:i386 libxcursor-dev:i386
install packages now
packages :
- sudo apt-get install libx11-dev:i386
- sudo apt-get install libxrandr2:i386
- apt-get install libxinerama1:i386
- sudo apt-get install libxxf86vm1:i386
- sudo apt-get install libxcursor1:i386
- sudo apt-get install libvulkan-dev:i386
- sudo apt-get install libxrandr-dev:i386
- apt-get install libxinerama-dev:i386
- sudo apt-get install libxcursor-dev:i386
- sudo apt-get install libc-dev:i386
- sudo apt-get install libgl-dev:i386
last command
4) cmake -DCMAKE_C_FLAGS="-m32" -DCMAKE_SYSTEM_LIBRARY_PATH=/usr/lib/i386-linux-gnu path/to/glfw/source
You can install built libraries using “make install”, but it would just install in /usr/local/lib/.
Make sure to copy all libglfw.so, libglfw.so.3 and libglfw.so.3.2 files to the /usr/lib/i386-linux-gnu folder as Ubuntu expects it to be in there for building GLFW applications.
Hope this will help somebody 
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Thank you so much for your assistance guys. I appreciate it
-Bharath