There's something going on with him. Could be as simple as a growth spurt messing with his sleep, or maybe he's not getting enough food or sleep. Could also be an ear infection or two-year molars. Could also be a reaction to a major transition in the family if there has been one.
It is possible he is just an undisciplined monster, but my two-year-old is the most difficult of my three children, always has been, and when he really starts acting out like that, there is almost always a reason. While we wait for the reason to resolve, however, I don't try to force him to do things unless absolutely necessary, and instead tell him I won't talk to him or play with him until he calms down. It doesn't always stop the shrieking, but it means I'm no longer getting into a physical tussle with a two-year-old. After he calms down, we talk about any consequences for any damage he did to things or a person.