Formula Plastics Aims to Re-enter the Syrian Market with $8-10 Million in Exports

According to a report published by the United Nations, at least $400 billion will be spent on the reconstruction of Syria after the war. Turkey is expected to receive a 25% share of this massive budget, and the Syrian market is anticipated to offer significant opportunities, particularly for companies operating in the construction and building materials sector. Formül Plastik, which established itself as the leading plastic pipe brand in Syria before the war, aims to export between $8 million and $10 million to the Syrian market in the coming period.

Formül Plastik exports to over 90 countries across five continents by producing PPR pipes and fittings, PVC pipes and fittings, PERT pipes, as well as brass inserts and connection parts in its modern factories located in Veliköy and Çerkezköy. Following recent developments, Formül Plastik is preparing to resume its activities in the Syrian market.

Ömer Hot, a member of the Board of Directors of Formül Plastik, stated that prior to the civil war, Syria was the most significant export market for the company. He announced their goal of achieving an annual export figure of approximately $8 million to $10 million in the new era. Emphasizing that their products were distributed throughout Syria via two major distributors before the civil war, Hot said, "Our Formül and Aquapa brands were recognized as the best plastic pipe brands in the country. In the 16 months leading up to the onset of the civil war, we sold over $3.1 million worth of plastic pipes and fittings—$2.4 million under the Formül brand and $714,845 under the Aquapa brand. We believe the Syrian market will present tremendous opportunities in the upcoming period."

Highlighting the expected budget for Syria's post-war reconstruction, Hot recalled that the United Nations estimated it would exceed $400 billion. "According to data from Vision of Humanity, which provides analysis and database content, 17.5% of the housing stock in the country has been destroyed since the civil war began in 2011. Major construction sites with infrastructure projects are expected to be established in critical cities like Aleppo, Damascus, and Latakia; these projects are expected to significantly boost the sub-industry and material exports," he remarked. Ömer Hot added that Turkey's share of the projected $400 billion budget for Syria's reconstruction is estimated to be 25%, which translates into a market worth approximately $100 billion in the medium to long term. It is anticipated that Turkish companies' share of the construction projects in Syria will amount to $3 billion in the first year, rising to a total volume of $40 billion by the end of five years.

Hot indicated that Formül Plastik has already begun studies related to the Syrian market and stated, "Trade will be faster and more substantial than before." He elaborated, "We maintained humanitarian communication with our distributors in the Syrian market for Formül Plastik products even during the civil war. Immediately following recent developments, our stakeholders expressed their expectations that trade in the region would resume more quickly and more substantially than before. Based on insights from our Syrian clients and other market forecasts, we anticipate capturing an annual export potential of approximately $8 million to $10 million in the Syrian market, which will continue to increase starting from 2025."