Yes, PARAFFIN is a Scrabble word!

Letter values in Scrabble US: P 3, A 1, R 1, A 1, F 4, F 4, I 1, N 1.

Is it a valid word?

PARAFFIN is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

from crude petroleum; used for candles and for preservative or waterproof coatings
a series of non-aromatic saturated hydrocarbons with the general formula CnH(2n+2)
(British usage) kerosine

Also: paraffin wax, methane series, alkane series, paraffin series, paraffin oil.