platzen
to burst
To suddenly tear open or break apart with a sound because of too much internal pressure or external force.
Der Autoreifen ist auf der Autobahn geplatzt.
The car tire burst on the highway.

to burst
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to burst
To suddenly tear open or break apart with a sound because of too much internal pressure or external force.
Der Autoreifen ist auf der Autobahn geplatzt.
The car tire burst on the highway.

Since 'platzen' (to burst) describes a sudden change of state or movement, the German perfect tense is always formed with the auxiliary verb 'sein' (to be), not with 'haben' (to have). This is a common mistake.
Der Luftballon ist mit einem lauten Knall geplatzt.
The balloon burst with a loud bang.
The meaning of 'platzen' (to burst / to fall through) depends on the subject. If it is a concrete object (tire, pipe), it means 'zerbersten' (to burst apart). If it is something abstract (plan, dream, deal), it means 'scheitern' (to fail).
Das Wasserrohr ist im Keller geplatzt.
The water pipe burst in the basement.
In the literal meaning, 'platzen' (to burst) is often used for things that are under pressure. Typical examples are a tire, a balloon, a pipe, or a fruit.
Die Kirschen sind nach dem starken Regen geplatzt.
The cherries burst after the heavy rain.
In the figurative sense, 'platzen' (to fall through) is used for abstract things that are not realized. Common combinations are: a plan falls through, a dream is shattered, a deal falls through, or a wedding is called off.
Leider ist die geplante Hochzeit geplatzt.
Unfortunately, the planned wedding was called off.
The idiom 'aus allen Nähten platzen' (to be bursting at the seams) is used to describe that a room, building, or means of transport is extremely full.
Der Bus am Morgen platzte aus allen Nähten.
The morning bus was bursting at the seams.
When 'platzen' (to burst) describes a strong feeling, it is always used with the preposition 'vor' and a noun in the dative. Typical feelings are anger, envy, pride, or curiosity.
Er platzte fast vor Neid, als er das neue Auto seines Nachbarn sah.
He almost burst with envy when he saw his neighbor's new car.
to fail
'scheitern' and 'platzen' can both mean that a plan or undertaking does not succeed. 'scheitern' is more general and sounds more neutral; you can fail at a task, plan, or goal. 'platzen' is used more for plans, meetings, dreams, or deals that suddenly do not happen. It often sounds a bit more figurative and colloquial. If you want to describe the failure objectively, 'scheitern' is usually a better fit; for something that is canceled or unexpectedly falls through, 'platzen' sounds natural.

Das Treffen platzt, weil der Zug zwei Stunden Verspätung hat.
The meeting falls through because the train is two hours late.
Der Ausflug scheitert am schlechten Wetter.
The outing fails because of the bad weather.