Technically, it is possible to project onto any medium. An old cloth, a white canvas or even a white wall. The flatter the wall and the more matt the paint, the better the result.
Nevertheless, nothing can match a good projection screen.
In fact, chemical engineers have developed systems especially for 2-D or 3-D projection, with differences in gain and differences in contrast. Everything is done to give a faithful colorimetric rendering, thus limiting any colour space adjustments (when this is covered by the device).
The few "special" paints on the market have up till now been ineffective.