Condensing heat exchangers are thermal devices subjected to extremely corrosive environments due to the formation of acidic condensates on the heat-exchange elements during service. To protect the heat exchangers from chemical attack, perfluoroalkoxy (PFA) coating has been applied as a barrier layer onto the surfaces of the heat-exchange elements to prevent corrosion. However, PFA has intrinsically poor thermal conductivity, and low wear resistance; thus, it is not naturally a good material for heat exchanger application. In this study, graphene nanoplatelets (GNPs) are incorporated into PFA powder as coating materials to improve the thermal properties of the fluoropolymer, for condensing heat exchangers application. Two grades of GNPs (8 nm and 60 nm layer thickness) are tested to evaluate the effect of graphene addition on the thermal, adhesion, electrical, and wear properties of the composites, which are compared to those mixed with multi-walled carbon nanotubes (MWCNTs). The results showed that both grades of GNPs significantly increased the thermal conductivity, i.e., ∼8× that of the virgin PFA. The composites incorporated with both grades of GNPs also demonstrated good coating adhesion strength and wear resistance, as well as excellent corrosion resistance. The composite filled with MWCNTs exhibited poor surface finish and minimal improvement in thermal performance.