Richard asked...
Any alternative products you know about?
..and Anto opined...
carbon wrap maybe
.
Real close. If you go to a sigh shop with plotter-cup rolls of adhesive vinyl, they'll often sell you ends and cutoffs for pennies...sometimes give them away.
It is not too difficult to pull the vinyl over mudguards, especially if you place the vinyl sticky side up and then sort of roll the fender's centerline onto it. A heat gun or hair dryer set on the hot setting will take care of any small bubbles. I've done it with success in the past. The finish is a sort of matte to satin in gloss. This sort of vinyl is very durable and is often used as a "wrap" for advertising on buses and taxis. It typically lasts a couple years in such service which includes numerous trips through automatic car washes.
I've made my own fenders (mudguards) for my small-wheel Folder by casting them from ABS resin in molds I made. I've also made some out of aluminum strip sheet stock using my auto body hammers and dollies. *That* is a lot of work; in comparison, the wraps go pretty quickly and easily.
You can also shoot mudguards with Dupont Imron with an added plasticizer (Dupont Flexprime) to aid flexibility, but this takes some specialize equipment and is easier to get wrong. Makes it possible to match a frame color, though.
One more data point for Anto: If you really prefer a true black plastic mudguard blade, you'll likely come closest with one of Planet Bike's models, which are made of remarkably durable polycarbonate. In comparison, my SKS black 'guards look "black" in most lighting, but are a sort of goldeny dark brown in direct sunlight, thanks to the plastic formulation over the aluminum core. Planet Bike is real good about selling spares that also fit other brands. I bought their polished stainless drawbolts and 10mm nylock hex nuts to replace all my SKS 8mm hardware. Works great and never loosens.
All the best,
Dan.