Yes these 2 products are chemically different. Paraffin wax, an example of a petroleum wax, is a mixture composed of large long-chain hydrocarbons with the chemical formula C(n)H(2n+2). Beeswax on the other hand although having some similar properties is a long chain ester, which is an organic functional group containing 2 oxygen atoms. Beeswax has a condensed molecular structure of C15H31COOC30H61. It has two long straight hydrocarbons chains that sandwich the ester group in between, which would give you similar physical properties (malleability and texture specifically). I am happy to further explain if needed.