The warming sensation is not the result of a strong chemical heating agent, but arises from increased sensory stimulation during the rubbing and massage of the cream into your skin. When you apply and massage the cream, the essential oils of pine, fir, and eucalyptus interact with the skin to create a mild, invigorating feeling. This effect is meant to be pleasant and comforting, not intense.
You will typically notice the warming feeling within a minute or so of massaging it in, as the friction and the aromatic components work together. The duration of the warmth can vary based on factors like how much you use and the area of application, but it generally provides a soothing sensation for a period after your massage, helping to ease the feeling of stiffness or tension. It's a sensory experience designed to enhance the relaxation of tired areas of the body after activities like sport or long walks.
A note of caution: If your skin is particularly sensitive to warming products or essential oils, it's wise to test a small amount first on a limited area.