The TOTEM experiment is designed to measure forward physics processes during the early running periods of the Large Hadron Collider (LHC) at CERN. By detecting >90% of all the leading protons produced in diffractive processes TOTEM will open up new physics possibilities which are not available in the base line general purpose experiments. In addition to the total pp cross section and elastic scattering, TOTEM will - together with the Compact Muon Solenoid (CMS) experiment - study single, double and central diffractive event topologies in detail. Possibilities for Higgs detection and for a Gluon Factory are also considered.