trucks sometimes use spray guards that are (I think) made of low density EPDM rubber. This is very light for its thickness (about 1.5mm, so light that it floats I think) and because it is so thick, it is stiff enough to make a long bicycle mudflap, even if it is cut to be not too wide. PP ( ass savers) and certain grades of HDPE are also good materials, but because they are higher density they tend to make thinner and flappier mudflaps than the EPDM ones.
There are no mudguards on sale that are really long enough to use without mudflaps, and if they were, the guards would get pranged in no time.
cheers