Is 16TB the maximum amount of storage a node can have? if that's the case, do I need to create new nodes if I want to host more storage?

[Eleos]

What do you mean there are not flows large enough to fill a 16TB drive?

[BrightSilence]

The better question is; do you think it’s still relevant what I meant 4 years ago when the network was only 7 months old?

[Alexey]

See

Want to Join as a SNO

The theoretical limit with current values is about 88TB. You can easily see it by just filling in a high value like 1000TB. It’ll display a warning and show the 88TB under max potential as well. However, this month has had ingress double. If things remain like that, node filling speed is doubled and the max potential is as well. It’s less useful these days to think of the theoretical limit, but more useful to just look at the 10 predicted years to get an idea of how long it will take to fill up …

This calculation may be outdated too, because the network is not static.
The maximum usage depends on customers behavior, and the equilibrium point between incoming data and deleted data will vary during the time.