I make my own, its very cheap and easy.
You need a mold which is basically a wooden curve similar to the outer curve of your wheel with tyre. You then take 2 strips of balsa about 1.5mm thick and glue them together with epoxy glue and clamp them to the mold to set. At this point you cut to size (you may want to use woodstain at this point to match the colour of the veneer). Then you glue veneer to the outside of the mudguard using the epoxy again and clamp back to the mold to set. Trim the veneer with a craft knife and varnish the mudguard blade with yacht varnish.
Brackets can be made out of brass strip from a model shop. Stays can be made out of 4mm galvanised fencing wire and you will need eyelet bolts which are readily available from ebay.
The Royal Enfield Revelation has mudguards
made by the above method with walnut veneer and the balsa is stained with walnut wood stain. The Kingpin
has an earlier version using 3 layers of balsa and outdoor wood glue instead of epoxy (much more of a PITA to do) and has Walnut, cherry and maple veneer strips.
work extremely well, there is no reason for wooden mudguards
to have a compound curve shape. The compound curve shape of most mudguards
is because metal and plastic don't have grain to stop them twisting. Flat mudguards
are actually better as water and mud don't get squirted out the sides and when you get clogged up with mud its a lot easier to scrape it out.
Oh and that earlier post of mine was my 1st attempt using cherry veneer, I learned 2 things from that:
-Use veneer that doesn't split to easily (avoid cherry)
-position brackets at the bottom of the mudguard so you can't catch it on things and split the veneer.