Selection or correct sizing of a receiver is at least as important as sizing the air compressor. Theoretically, if your load is constant, you do not need a receiver. On the other end of the spectrum, to usa a bizarre example, lets say you had a need for 1000 CFM for a short burst, every few hours. You might use a 20 CFM compressor and a 1000 gallon receiver.
More realistically, calculate your maximum surge requirement, CFM, PSI, Time. Receiver should handle surge without having pressure drop below minimum requirement, compressor must meet maximum mean air requirement to maintain desired pressure in the receiver. One rule of thumb is 1 gallon per CFM. This is meaningless for compressors under 100 CFM, and In my opinion would lead to poor system design. I would not use smaller than a 80 gal receiver for a 5 HP compressor, 120 gal for a 10 HP, etc.