This is the size of a front lens cap. Standard sizes for snap-on lens caps include: 27mm, 28mm, 30mm, 34mm, 37mm, 39mm, 40.5mm, 43mm, 46mm, 49mm, 52mm, 55mm, 58mm, 62mm, 67mm, 72mm, 77mm, 82mm and 86mm.
When placed in the optical path, many filters block a certain amount of light from reaching the lens. Filter factor relates to how much exposure compensation is required in order to adjust for this. Most cameras have TTL metering and will be able to do this automatically.