Glaze is a mild polish containing mostly oils and fillers. It's primary design is to fill in the micormarring and bring out the highest luster in the paint prior to wax application.
Wax is a natural product design to protect the surface of what its applied to. Some types of wax are parrafin, bees, and carnauba, which is what is mainly used for cars. Wax that's used on cars starts life as the fruit of the carnauba palm tree which grows primarily in N. Brazil. It is natures hardest wax. It's mixed with various resins, silicones, and carrier agents which allow it to be applied to auto paint. The amount of carnauba wax in each product varies - more expensive the product, the more carnauba is in it (usually).
Z2 is neither of these. It's a chemically created polymer-based product. I'm sure one of our Zaino fans will chime in with a more accurate description.