I have tried to download and install the Polygonizer-master plugin but this plugin is "Deprecated". I would like to know if there is another plugin with the same functionality.
The Polygonizer plugin has become a core algorithm for QGIS and is called Polygonize as mentioned by the author. You can find this in:
Processing Toolbox > QGIS geoalgorithms > Vector geometry tools > Polygonize