Hi Sreevishakh,
it looks that arm-none-eabi-objcopy can generate only Type 2 intel hex or at least I didn't find way how to force i32hex output. As a workaround you can use external srecord tool:
SRecord 1.64
and convert .hex output to i32hex by:
srec_cat.exe test.hex -intel -o i32_test.hex -Intel
console command.
Here is result example - on the left is .hex file generated by S32DS - on the right output from srec_cat tool:

Hope it helps.
Jiri